Regulations

Ultra-Millionaire Tact Act Introduced by Sen. Elizabeth Warren (D-MA)

As she had promised,  on March 1, 2021 Sen. Elizabeth Warren (D-MA) is proposing a billed dubbed the Ultra-Millionaire Tax Act which would impose the following: a 2% annual tax on the net worth of households and trusts between $50 million and $1 billion; and a 1% annual surtax (3% tax overall) on the net […]

IRS Updates computation for Unrelated Business Taxable Income (UBTI) for Retirement Plans Including Self-Directed Solo 401k Plans and Self-Directed IRAs Including IRA LLCs

On December 02, 2020, the internal revenue service (IRS) published final regulations surrounding the computation of  unrelated business taxable income (UBTI) for a tax-exempt organization which also includes 401k plans including solo 401k plan as well as IRAs (e.g., self-directed IRAs & IRA LLCs) that invest in an active business. The final regulations also clarify […]

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. […]

Form 8938, Statement of Specified Foreign Financial Assets Does Not Apply to Solo 401k Plans or IRAs

QUESTION: I’m looking for a clarification on reporting of foreign assets held under my solo 401k plan. I looked thru the article you all posted which clarifies that the FBAR does not need to be filed for such assets. However, does the form 8938 also  not need to be filed? it seems like this is […]

Consolidated Appropriations Act (CAA), 2021 Does Not Extend COVID-19 Solo 401k Distributions or Solo 401k Participant Loan Payments

The Consolidated Appropriations Act, 2021 (CAA) bill was passed on December 21, 2020 and signed into law by the President on December 27, 2020.  While the bill provides limited additional coronavirus (COVID-19) pandemic relief and some disaster relief, the bill did not extend the December 30, 2020 deadline to take the $100,000 maximum distribution from […]

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