Regulations

Bill Reintroduced by Senators to Create Federal Retirement Commission

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, […]

Foreign Person Tax Rules Apply to Solo 401k Distributions

After meeting certain distribution triggering events(e.g., age 59 1/2, no longer being self-employed), U.S. income taxes still apply if you live abroad and take solo 401k distributions.  The required mandatory federal tax withholding jumps from 20% to 30% . You may get some of the withholding back if a more favorable tax rate applies according […]

DOL Opinion Letter Helps Determine if Independent Contractor Status of Virtual Marketplace Workers Can Open a Solo 401k Plan

Solo 401k plans are for the self-employed including independent contractors. The Department of Labor (DOL) recently released opinion letter (FSLA2019-6) that sheds light on who is considered an independent contractor (e.g., drivers for Uber and Lyft transportation services) in the  “virtual marketplace” economy. The DOL letter specifically answers  whether service providers working for a virtual marketplace […]

GOA Issues Report on Qualified Plan,Which Includes Solo 401k, Early Distributions and Participant Loans

On Mach 9, 2019 The United States Government Accountability Office (GAO) released a report titled Retirement Savings: Additional Data and Analysis Could Provide Insight into Early Withdrawals. The purpose of the report is to bring to the forefront events that cause qualified plan including solo 401k participants to make early distributions from their retirement plans.  […]

In 2019 IRS to Conduct Pension Plan & Solo 401k Burden Survey

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 of Qualified Plans Such as Solo 401k Plans

  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 […]

IRS Puts Qualified Plans (solo 401k) and IRAs on Its 2019 Priority List

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 […]

April 2019 IRS Release FAQs for Code Section 199A QBI Deduction

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 […]

Retirement Enhancement and Savings Act (RESA) Has a Good Chance of Passing in 2019

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 […]

Does the 10% Early Distribution Pentaly Apply to QDRO Divorce Payments from Solo 401k Plans?

QUESTION: My husband an I recently divorced. As is typical, half of my solo 401k got awarded to him pursuant to a qualified domestic relations order (QDRO). If he elects to take his portion from the solo 401k as a distribution instead of rolling it over to an IRA or another 401k plan, will he […]

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