Author Archives: Mark Nolan

The IRA Turned 45 in 2019

It is hard to believe that it has been 45 years since the individual retirement account (IRA) was created, resulting from the Employee Retirement Income Security Act [ERISA]. Here are some of the IRA highlights as we celebrate the 45th birthday. Today, IRAs have about $9.7 trillion in assets. IRAs make up a third of the […]

SEC’s Office of Compliance Inspections and Examinations (OCIE) to Examine RIAs Not Previously Examined

Recently, the SEC’s Office of Compliance Inspections and Examinations (OCIE) released the 2020 Examination Priorities Program for examining those RIAs that have not previously been examined. The OCIE plans to emphasize the protection of senior retail investors and those saving for retirement. Examinations will focus on recommendations and advice given to retail investors, with a particular […]

Proposed Bill by Sen. Rand Paul (R-KY) Would Result in Tax Free Distributions from Solo 401k Plans and IRAs

While it is only a proposed bill and it would need to be approved by both the House and Senate before passing, Sen. Rand Paul (R-KY) is proposing in the Higher Education Loan Payment and Enhanced Retirement (HELPER) Act to allow for distributions from IRAs and qualified plans such as solo 401k plans to pay for qualified education […]

Who Is Required to take Required Minimum Distributions (RMD) from their Solo 401k Plan in 2020

IMPORTANT: Recent legislation, known as the Secure Act, does not affect required minimum distributions for the 2019 tax year. You generally have to start taking withdrawals from your solo 401k plan when you reach age 70½. You cannot keep retirement funds in your solo 401k plan indefinitely. Your required minimum distribution is the minimum amount you must withdraw from your solo […]

Items to Consider if You Plan to Process a Roth Solo 401k Conversion in 2020

Are you considering converting your traditional (pretax) solo 401k to a Roth solo 401k (designated Roth account) in 2020? If you are considering this important decision, here are key items to know. The 2020 December 31 Deadline The deadline for a 2020 in-plan conversion is December 31, 2020. This means that the funds and/or assets must be […]

IRS Memorandum AM 2019-002, at 3 (Dec. 9, 2019) | Solo 401k Plan | ROBS 401k Plan

IRS Memorandum AM 2019-002 highlights the importance of executing retirement plan documents for ROBS 401k plans and self-directed solo 401k plans as well as using the plan services of a solo 401k plan document or ROBS 401k Plan document provider that will also act as the plan document record-keeper. Here is a quick summary of […]

Passage of the SECURE ACT Expected to Increase Conversions of Pretax Solo 401k & IRAs to Roth Funds

The passage of the SECURE ACT on December 20, 2019 as part of the government’s spending bill (Further Consolidated Appropriations Act, 2020), will largely impact how much taxes non-spouse beneficiaries of solo 401k plan and IRAs will have to pay. Prior to the passage of the SECURE ACT, non-spouse beneficiaries could distribute funds inherited from […]

Using a Solo 401k to Isolate IRA After-Tax Funds for Backdoor Conversion of IRA to Roth IRA

For those with IRAs that contain both pretax and non-deductible IRA contributions, and are planning to just convert the after-tax IRA (non-deductible IRA fund) to a Roth IRA, a solo 401k plan may be a good way to isolate the pretax IRA funds so that just non-deductible IRA funds can be subsequently converted to a […]

Senator Elizabeth Warren Cautions DOL About Mirroring Reg BI When Drafting DOL Fiduciary Rule

Recently, on December 11, 2019 Senator Warren wrote a letter to the  Department of Labor (DOL) to caution them not to permit advisers to provide advice regarding retirement investments  because of potential conflicts of interest when the DOL rewrites the fiduciary rules.  The previously written fiduciary rule by the DOL was in April 2016 but […]

The SECURE ACT May Not Pass in 2019

  The SECURE ACT ended up passing when President Trump signed it into law as part of the government’s spending bill.  VISIT HERE, to learn the about the impact the SECURE ACT will have on solo 401k plans, IRAs and ROBS 401k plans. Time is ticking for the SECURE  ACT to pass in 2019.  While the […]

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