Denise Appleby- Author, Speaker on IRAs & Employer Retirement Plans; Consultant, and Trainer of Choice for Financial and Tax Professionals
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Years of growth in a retirement account can be wiped out by one mistake. As such, retirement account owners and their advisors should take care to ensure that IRAs are operated in compliance with the governing regulations. This includes ensuring that distributions are handled properly, and that movement of retirement assets do not violate the limitations that apply.
The 10% penalty
Advisors who attend this session will learn how to:
Required minimum distribution (RMD) must begin for the year in which the account owner reaches age 72, unless an exception applies. Failure to comply with the RMD rules will result in the account owner owing the IRS a 50% excess accumulation penalty on any RMD shortfall. RMDs must also be taken from inherited accounts, and the process for determining RMDs for these accounts are more complex than those that apply to RMDs for non-inherited accounts. Interested parties must understand the compliance requirements that apply to RMDs, to be able to assist in ensuring that penalties are avoided.
Advisors who attended this session will learn how to:
The CARES Act allowed owners of IRAs and employer-sponsored retirement plans to take coronavirus-related distributions and plan loans in 2020. For 2021 and after, required minimum distributions (RMDs) are once more required. The distribution rules that applied to the beneficiaries of IRAs and employer plans changed with the enactment of the SECURE Act, limiting the distribution options starting with beneficiaries who inherited IRAs in 2020. This program will review many important SECURE Act changes that take effect in 2021, as well as the new rules for restarting RMDs.
Any tax practitioner advising clients with respect to IRAs and qualified plans
Knowledge of individual income tax rules
Varies by state. Check https://www.allstartax.com/course-details?sku=IRCP-2021-01-BDCSW-265-01
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