Regulatory Updates

2022 Tax Year IRA and Retirement Plan Reporting Forms 1099-R, 5498

The IRS has posted at its website the 2022 tax year version of Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., and Form 5498, IRA Contribution Information. As the title implies, Form 1099-R is filed by financial organizations and service providers to report to account holders and the IRS distributions from tax-qualified retirement savings arrangements. Form 5498 more narrowly reports IRA-related information, including contributions to IRAs, SEP plans, and SIMPLE IRA plans; end-of-year fair market values; rollovers; conversions; recharacterizations; etc. These forms will be reviewed for any significant changes from the 2021 tax year versions, and findings will be shared as appropriate.

Regulatory Updates

Proposed Enhanced Disclosures About ESG Investment Practices

Proposed Enhanced Disclosures About ESG Investment Practices

The SEC has issued a proposed rule that would add reporting requirements for registered investment advisors, registered investment companies, certain advisers that are exempt from registration, and business development companies.