This Expert Says the IRS Made a Mistake: Could It Affect Your IRA?
This Expert Says the IRS Made a Mistake: Could It Affect Your IRA?
A well-known retirement savings expert says he is 100% convinced the IRS made an error that the agency soon will need to correct.
Photo by Rainer Fuhrmann / Shutterstock.com
A retirement savings expert says he is “100% convinced” the IRS made a mistake and will have to correct it soon.
Ed Slott, a well-respected IRA distribution expert, says IRS guidance issued in March likely mischaracterized how those who inherit an IRA are required to pay taxes on the money they receive.
Mark E. Engberg
Mark E. Engberg
We live in an ever-changing financial landscape, and staying on top of things can be difficult.
Your financial professional can be a key partner in understanding how new laws and changes in tax policies can impact your retirement saving and investments.
In late 2019, the government passed the Setting Every Community Up for Retirement Enhancement Act, which could benefit retirees and retirement savers, as well as parents and college students. Here are six key changes, and what they could mean for you.
1. RMDs kick in at 72: IRS-mandated required minimum distributions from tax-deferred retirement accounts now begin at age 72 instead of 70½.
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DOL Rescinds Independent Contractor Rule. On May 6, 2021, the U.S. Department of Labor (DOL) issued a regulation rescinding its independent contractor rule, which was finalized on January 7, 2021, but never went into effect. The withdrawal comes less than three weeks after the close of a public comment docket that generated over 1,000 responses. The DOL stated that it “believes that the Rule is inconsistent with the [Fair Labor Standards Act’s] text and purpose, and would have a confusing and disruptive effect on workers and businesses alike due to its departure from longstanding judicial precedent.” The new regulation does not set forth a new regulatory standard for evaluating independent contractor status, but the
Friday, May 7, 2021
DOL Rescinds Independent Contractor Rule. On May 6, 2021, the U.S. Department of Labor (DOL) issued a regulation rescinding its independent contractor rule, which was finalized on January 7, 2021, but never went into effect. The withdrawal comes less than three weeks after the close of a public comment docket that generated over 1,000 responses. The DOL stated that it “believes that the Rule is inconsistent with the [Fair Labor Standards Act’s] text and purpose, and would have a confusing and disruptive effect on workers and businesses alike due to its departure from longstanding judicial precedent.” The new regulation does not set forth a new regulatory standard for evaluating independent contractor status, but the