Regulatory and Legislative

IRS Issues 2021 Tax Year Publication 590-A

The IRS has issued the 2021 tax year Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs). This publication provides rules for contributions to Traditional and Roth IRAs, including eligibility, potential tax benefits, beneficiary considerations, IRA asset portability, and potential tax credits. Notable updates and reminders include

Modified AGI limits for traditional and Roth IRAs for 2021 and 2022
Qualified disaster tax relief applies to major disaster declarations, other than COVID-19, issued between January 1, 2020, and February 25, 2021, and references Form 8915-F, Qualified Disaster Retirement Plan Distributions and Repayments, for more information

This publication will be reviewed further. Any findings of significance to Ascensus clients and associates will be shared.

Forms and Publications Savings Individual

Regulatory and Legislative

IRS Provides 403(b) Amendment Cycle Updates

The Internal Revenue Service has announced that it intends to begin issuing opinion letters regarding Cycle 2 pre-approved 403(b) plans, including the 2022 cumulative list of changes in those requirements.

Regulatory and Legislative

DOL’s Final Restated Voluntary Fiduciary Correction Program at OMB

The Office of Management and Budget has received a final rule from the Department of Labor titled “Adoption of Amended and Restated Voluntary Fiduciary Correction Program”.

Regulatory and Legislative

IRS Announces Deadline Relief for Montana Storms

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms and straight-line winds in the Crow Tribe of Montana.