Regulations

House Ways and Means Committee Propose Limits on IRA Private Investments Unclear if Solo 401k Plans Would be Impacted

Limit IRA Solo 401k Private Investmentss

High investment returns is a concern for some members of Congress, resulting in them proposing a bill that would limit IRAs from investing in investments such as private investments that have the potential to exponentially grow the retirement account holders IRA. According to an outline by the House Ways and Means Committee a proposed bill […]

Mega Backdoor Roth IRA & Solo 401k is under attack…Call your Senator & Representative!

While recent news reports of Peter Thiel’s $5 Billion Roth IRA may have sparked awe and envy among everyday investors (as well as maybe a call to your financial advisor), there has also been an outcry that this is another example of the ultra-rich abusing the system in that retirement accounts are not designed to serve as […]

The 2021-2022 IRS Priority Guidance Plan

On September 9, 2021 the Department of the Treasury released their annual Priority Guidance Plan. The 2021–2022 Priority Guidance Plan contains 193 guidance projects that are priorities for allocating Treasury Department and Service resources during the 12-month period from July 1, 2021 through June 30, 2022 (the plan year). The projects on the plan will […]

Inherited Solo 401k Funds May Not be Protected in Bankruptcy

It may come down the Employee Retirement Income Security Act (ERISA) as to whether or not funds inherited from a solo 401k plan are protected from bankruptcy creditors. A recent court case Dockins, No. 20-10119 (Bankr. W.D.N.C. June 4, 20221) involving a Wells Fargo Bank company 401k plan for Kirk Morishita the  U.S. Bankruptcy Court […]

Solo 401k Plans Retroactively Adopted After the End of the Plan Year have No 2020 Form 5500-EZ Filing Requirement

The SECURE ACT of 2019 allows a solo 401k plan to be adopted after the close of the self-employed business taxable year (by the due date, including extensions, for filing its tax return for the taxable year) and elect to treat the plan as having been opened as of the last day of the taxable […]

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