Author Archives: Mark Nolan

Sanders College for All Act Mentions Using Tax on Financial Transactions to Cover College Expenses

While it probably won’t go anywhere, U.S. Senator Bernie Sanders (I-VT) mentioned in the “College for All Act” using funds from the financial transaction tax (this tax has not yet been approved either) to no only pay off al student loan debt, bu to also eliminate tuition and fees at all public four-year colleges and […]

Women May Want to Consider Opening a Solo 401k Plan to Improve Saving for Retirement

A survey published by T. Rowe Price found that women are saving significantly less than men for retirement, so a solo 401k plan may be a good way to bridge this savings gap. Here are some findings from the survey: Baby boomer women have a median 401(k) savings balance of $59,000, while baby boomer men […]

Trend in Terminated Employees Keeping 401k Funds Invested

According to a 2019 study (The “2019 Universe Benchmarks” report) by Alight Solutions, a large number of participants are not liquidating their accounts and others are choosing to transfer them to IRAs or other qualified plans. Following is some information found in the report. 32% of separated participants during the first nine months of 2018 […]

Retirement Assets Up First Quarter of 2019

According to a report published on June 19, 2019 by the Investment Company Institute (ICI), total US retirement assets were $29.1 trillion as of March 31, 2019, up 7.4 percent from December 2018. Retirement assets accounted for 33 percent of all household financial assets in the United States at the end of March 2019. Sources: […]

Solo 401k & ROBS 401k Employee Plans Compliance Unit (EPCU)

From a ROBS 401k and a Solo 401k plan perspective, you might receive examination or compliance check letters.The EPCU develops compliance projects and performs data analysis to focus on areas of potential non-compliance. Taxpayers are initially contacted by correspondence, but the EPCU may follow up with additional letters and/or telephone calls. Most issues are resolved […]

ROBS 401k Audit Causes DOL & IRS

Here are some of the most common items that lead to a Department of Labor (DOL) and IRS audit of employer plans including ROBS 401k plans (Business Financing 401k plans): Complaints by employees. They may submit a complaint to the government over disputes regrading items such as distributions, contributions  and participant loans. Form 5500. This […]

ROBS 401K: Real Estate Operating Company Requirements

While the ROBS 401k is often used to fund businesses such as routes (e.g., FedEx) restaurants, car care centers, senior and child care centers and other businesses that offer goods or services,  the ROBS 401k  can also be used to fund real estate ventures as long as the real estate operating company requirements are satisfied. […]

2019 Solo 401k Contributions Plus Voluntary After-Tax

General Information regarding Solo 401k Contributions: Solo 401k contributions are based net- income from self-employment (i.e. you can’t contribute more than you make). You can make the contributions from your business or personal checking account as long as the funds stem from self-employment income. The total contribution limit for tax year 2019 is $56,000 plus an additional $6,000 catch up if age 50 or older. For 2018, the total contribution limit was $55,000 or $61,000 if […]

Full Comparison of Retirement Accounts (Solo 401k, SEP IRA and SIMPLE IRA) for the Self-Employed

Retirement accounts such as the solo 401k plan, SEP IRA and SIMPLE IRA are popular choices for the self-employed because they are inexpensive to establish, maintain and minimum IRS reporting applies. While businesses structured as  sole proprietorships, partnerships and corporations can qualify to open all three types of retirement accounts (i.e., solo 401k, SEP and […]

Court Rules in Agreement with DOMA Under a California Law Case Regarding a Retirement Account

On May 16, 2019 the Ninth Circut ruled in favor of the domestic partner in a case where the administrator of a retirement plan denied payment of retirement benefits to  the surviving domestic partner. Under California law, registered domestic partners are given the same rights as spouses, and the same protections and benefits. The plaintiff […]

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