Pension Admin & Consulting

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IRS Required Retirement Plan Restatements Cycle Opened on August 1

By |2020-08-24T15:14:46+00:00August 24th, 2020|Corporate & Partnership Tax, Pension Admin & Consulting, Press Releases|

Many retirement plans are written using Internal Revenue Service (IRS) pre-approved documents. Pre-approved plans must be restated every six years to update their plan documents to reflect recent legislative and regulatory changes since the previous restatement, to maintain their tax qualified status. The six-year restatement period is known as a “cycle”. The last restatement [...]

You have until August 31 to reverse your 2020 RMD

By |2020-08-11T14:17:38+00:00August 11th, 2020|Individual Tax, News & Events, Pension Admin & Consulting, Press Releases|

We hope by now you probably know that the CARES Act, passed in March, enables taxpayers with a required minimum distribution (RMD) due in 2020 to skip the payment this year. But did you know that you can roll your funds back into your retirement account if you have already taken your RMD this year? You [...]

FAQs on Retirement Plan Loans

By |2020-07-01T14:39:24+00:00July 3rd, 2020|Individual Tax, News & Events, Pension Admin & Consulting, Press Releases|

During these trying times, employees may be forced to take out loans from their 401(k) plans to meet certain financial obligations. Fortunately, the Coronavirus Aid, Relief and Economic Security (CARES) Act provides some relief for borrowers. Following are the answers to several frequently asked questions (FAQs) about retirement plan loans. What are the limits for [...]

COVID-19 Legislative Updates for Plan Administrators

By |2020-04-04T21:38:45+00:00April 4th, 2020|News & Events, Pension Admin & Consulting, Press Releases|

With a new COVID-19 tax law seemingly coming out every couple of days and with guidance on those new laws seemingly being released every few hours, we wanted to keep plan administrators informed of all changes as they stand today.  First though, we want to note that while taxes due April 15, 2020 have been [...]

CARES ACT – Retirement Plan Changes

By |2020-04-08T15:27:48+00:00March 31st, 2020|Corporate & Partnership Tax, News & Events, Pension Admin & Consulting, Press Releases|

The new stimulus bill that was signed on Friday, March 27, 2020, known as the CARES Act is a massive and far ranging $2+ TRILLION bill, so it is probably best for us to break it down by sections or likely impacted group.  This Act may be cited as the “Coronavirus Aid, Relief, and Economic Security [...]

JMF Office and Recent Legislative Updates

By |2020-03-25T23:20:18+00:00March 25th, 2020|Accounting & Auditing, Construction, Corporate & Partnership Tax, Creative, Design, Entrepreneurs, Estate & Trust, Financial Institutions, Fraud, Health Care, Hospitality, Individual Tax, Internal Control Evaluation, International, Manufacturing, News & Events, Nonprofit, Oil & Gas, Payroll & Bookkeeping, Pension Admin & Consulting, Press Releases, SALT, Social Security, Technology, Timber|

Dear JMF Clients and Friends: As we mentioned in our communication on March 14th, we are in unprecedented times. We wanted to share another update of what JMF is continuing to do to serve our clients while maintaining a safe work environment.  This remains a fluid situation and we will continue to communicate with you. [...]

Tax-Free Transfers From IRAs to Charity

By |2020-03-05T18:09:18+00:00March 5th, 2020|Individual Tax, News & Events, Pension Admin & Consulting|

At least there is something good about growing old from a tax perspective. Under a unique tax law provision, certain senior citizens can transfer a sizeable amount of funds directly from an IRA to a qualified charitable organization without paying any tax on the distribution. Significantly, this “qualified charitable distribution” (QCD) also counts as a [...]

Wondering what the Phase-Out Limits are For Traditional and Roth IRAs Are for 2020?

By |2020-02-17T20:33:05+00:00February 20th, 2020|News & Events, Pension Admin & Consulting|

The maximum allowable contribution for 2020 is $6,000.  Individuals age 50 and over in 2020 may contribute an additional $1,000. 2020 IRA Deduction Table You are covered by an employer retirement plan for the tax year if your employer (or your spouse's employer) has a: Defined Contribution plan and any contributions or forfeitures were allocated [...]

Ten Top Provisions in the SECURE Act

By |2020-02-17T19:47:37+00:00February 17th, 2020|Individual Tax, News & Events, Pension Admin & Consulting, Social Security|

Late in 2019, Congress passed the “Setting Every Community Up for Retirement Enhancement” (SECURE) Act, the biggest retirement law in more than a decade. Most provisions in this new legislation went into effect on January 1, 2020. Following is a summary of ten key changes. Stretch IRAs: Generally, the new law favors taxpayers, but it [...]