Regulations

It has been 4o years when Jimmy Carter was president since a federal commission has conducted a survey as extensive as the one (Federal Retirement Commission Act) reintroduced on May 14, 2019 by Sens. Todd Young (R-IN) and Cory Booker (D-NJ). The commission would be made up of the Secretaries of Treasury, Labor and Commerce, […]

The IRS will conduct a survey of pension plans which will include solo 401k plans through 2019 to help estimate the amount of time and money it costs retirement plan sponsors to fulfill tax reporting requirements with which they must comply. The IRS will use this information to learn how to reduce taxpayer burden. All […]

  IRS audits are always a strong possibility when it comes to qualified plans such as solo 401k plans; therefore, it is important to understand both how to prepare and what causes an IRS audit. In our experience IRS audits usually occur because the employer or the participant did something wrong. IRS Audits Here are […]

On April 5, 2019, the IRS  released the 2018-2019 fiscal year Priority Guidance Plan (PGP). The items on this list are similar to a wish list that the IRS plans in addressing each year, and some carry over from prior years. Here are some of the items listed in this years guidance as they relate […]

In April of 2019 the IRS released its much anticipated FAQs surrounding qualified business income (QBI) deduction. While somewhat delayed in publishing these FAQs, (the deduction was created by the 2017 Tax Cuts and Jobs Act, under Internal Revenue Code Section 199A) better late than really late. This piece of legislation is important for solo […]

Earlier this month, the Retirement Enhancement and Savings Act (RESA) was reintroduced by by Senate Finance Committee Chairman Charles Grassley (R-IA) and Ranking Member Ron Wyden (D-OR). Both the Senate and the House appear to be onboard with the bill so it has a darn good chance of passing in 2019. Here are some of […]