| 03/16/2012 | Tax Deadline Relief for Indiana, Kentucky | | | March 16, 2012 – The IRS has posted news releases describing tax-related deadline relief for certain residents of Indiana and Kentucky, following severe storms, straight-line winds and tornadoes. Counties in Indiana covered by the relief as announced this week include Clark, Jefferson, Ripley, Scott, Warrick and Washington.
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| 03/14/2012 | D.C. Alters Withholding on IRA, Retirement Plan Distributions | | | March 14, 2012 – The District of Columbia (D.C.) Office of Tax and Revenue has announced in Office of Tax and Revenue (OTR) Tax Notice 2012-02 the enactment of special legislation that removes a requirement to apply income tax withholding to all IRA and retirement plan distributions. (Note that this applies on the D.C. level, and does not apply for federal income tax withholding.)
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| 03/13/2012 | IRS Releases 2011 Pub 970 With ESA Information | | | March 12, 2012 – The IRS has posted at its website the 2011 tax year Publication 970, Tax Benefits for Education. This publication contains information on Coverdell education savings accounts (ESAs), state qualified tuition programs (IRC Sec. 529 plans), and several education tax credits.
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| 03/12/2012 | IRS Releases the 2012 Form 5498 | | | March 8, 2012 – The IRS has released the 2012 tax year Form 5498, IRA Contribution Information. This form is used to report Traditional, Roth, SIMPLE IRA, and simplified employee pension (SEP) plan contributions and values.
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| 03/09/2012 | Airline Settlement Roth Rollover Option Modified | | | February 28, 2012 – The FAA
Modernization and Reform Act of 2012 (H.R. 658) was recently signed into
law as Public Law (P.L.) 112-95 by President Obama. Its primary
purpose is to authorize appropriations for the Federal Aviation
Administration (FAA) and address a number of air transportation issues.
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| 02/23/2012 | Automatic IRA Act Introduced | | | February 23, 2012 – In a revival of a legislative concept from previous years, the Automatic IRA Act of 2012, H.R. 4049, was introduced this week by Rep. Richard Neal (D-MA) and Rep. Jim Gerlach (R-PA). Under such an arrangement, compensation would automatically be withheld from pay and contributed to an IRA, or a “qualified retirement bond,” subject to an election by the employee to alter or cease contributions. The bill’s provisions include the following.
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| 02/21/2012 | March 2012 Interest Rates | | | February 21, 2012 – The IRS has released the applicable federal interest rates for March 2012 as included in Revenue Ruling 2012-9. These rates are used for such purposes as calculating retirement arrangement distributions that meet the substantially equal periodic payment requirements of IRC Sec. 72(t)(2)(A)(iv).
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| 02/21/2012 | Ascensus’ JEAN-IUS Way To Give Back | | | Dresher, Pennsylvania–February 21, 2012–“Jeans day” takes on a whole new meaning at Ascensus. Through the company’s Comfort for a Cause program, associates who make a minimum $5 donation to charity are rewarded with a week of being able to wear jeans to work.
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| 02/17/2012 | No Changes to Beneficiary Payments, for Now | | | February 17, 2012 – The transportation funding bill filed in the U.S. Senate Wednesday has been modified from its committee version and no longer contains provisions that would require most nonspouse beneficiaries of IRAs and employer-sponsored retirement plan accounts to distribute the inherited assets and be taxed within five (5) years.
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| 02/13/2012 | Thrift Board Proposes Regulations on Roth Feature | | | February 13, 2012 – The Federal Retirement Thrift Investment Board has issued a proposed rule with request for comments on regulations to govern designated Roth accounts in the federal government’s Thrift Savings Plan (TSP). While the Roth feature has been available since 2006 in IRC Sec. 401(k) and 403(b) plans, and beginning in 2011 in governmental 457(b) plans, the feature is just now coming to federal TSPs.
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