Author Archives: Mark Nolan

Texas Storm Victims IRS Relief for Solo 401k Contribution Deadline is Now June 15, 2021

The IRS announced in February 2021 in a news release this month relief for Texas winter storm victims.  This relief applies to the entire state of Texas. “Affected taxpayer” automatically includes anyone who resides or has a business located within the designated disaster area. Those who reside or have a business located outside the identified disaster […]

Can I Transfer an IRA at Edward Jones to a Self-Directed Solo 401k?

Direct Rollover Based on experience with a direct-rollovers from an IRA at Edward Jones to a new employer plan such as a self-directed solo 401k plan, a letter of acceptance that is prepared by the solo 401k plan provider is required and is submitted to Edward Jones by the client’s advisor to the Edward Jones […]

DOL new fiduciary investment advice guidelines under Prohibited Transaction Exemption 2020-02 went into effect on February 16, 2021 and applies to Self-Directed Solo 401k plans & Self-Directed IRAs

On February 12, 2021, a press release was issued by the Department of Labor to confirm the new fiduciary investment advice guidelines under Prohibited Transaction Exemption 2020-02 will go into effect on February 16, 2021. The DOL adds that the temporary enforcement policy stated in Field Assistance Bulletin 2018-02 will remain in place until Dec. 20, 2021. […]

The Legacy IRA Act

In February, U.S. Senators Kevin Cramer (R-ND) and Debbie Stabenow (D-MI) reintroduced the Legacy IRA Act. This act was previously introduced in Mary of 2019. The reintroduced bill would significantly increase the maximum IRA qualified charitable distribution (QCD) for those age 65 and over to $400,000. These amounts would be given tax free to an […]

Your options once your self-employed business hires full-time W-2 employees-close the solo 401k plan

Once your business employs a W-2 employee who works 1,000 hours or more during the year, you will no longer qualify for a solo 401(k) plan. Following are the typical options once your business grows and employs full-time W-2 employees. One option is to transfer the solo 401(k) to a self-directed IRA.    See the […]