Regulatory Updates

IRS Issues Updated Draft Forms W-4P and W-4R

The IRS has issued new drafts of the 2022 Form W-4P, Withholding Certificate for Periodic Pension or Annuity Payments, and the 2022 Form W-4R, Withholding Certificate for Nonperiodic Payments and Eligible Rollover Distributions.

The revised Form W-4P will only be used to withhold federal income tax from periodic retirement plan and IRA payments. Periodic payments are installment payments at regular intervals generally over a period of more than one year. New Form W-4R will be used for nonperiodic and rollover distributions. As announced in November, the IRS is postponing requirements to begin using these forms until January 1, 2023. The 2021 Form W-4P can continue to be used until that time.

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.