In an article published by CBInsight, Dennis Zuehlke discusses the most recent version of the Tax Cuts and Jobs Act, that has been passed by the U.S. Senate. This version includes many changes to the tax code, including changes to IRAs and other tax-advantaged savings plans. Zuehlke writes, ” The good news for community banks and their IRA portfolios is that—unlike the […]
Before tax reform can be signed into law, the House and Senate must agree on identical bill text. This comparison chart presents a discussion of differences between the House and Senate versions of the Tax Cuts and Jobs Act for key provisions affecting retirement and individual savings arrangements, including qualified plans, IRAs, 529 plans, and others.
Gifting Platform Allows Savers to Crowdsource Enough to Fund One Year of Tuition for 25,000 Students Dresher, PA—Ascensus, a technology-enabled service provider that helps more than 7 million Americans save for the future, is pleased to announce that over $500 million has been gifted to 529 college savings account beneficiaries through Ascensus’ Ugift® program. In […]
The IRS has issued Notice 2017-72, containing the 2017 required amendments list. This annually-issued list describes changes in retirement plan qualification requirements and amendment deadlines for individually designed plans. Some items on the list will require these types of plans to be amended, while others may not. These are the list of changes to qualification requirements […]
In a recent article published by PLANSPONSOR, President David Musto discusses the Senate’s approval of its own tax reform proposal and the upcoming conference committee phase. During this phase, key legislators from the House and Senate will attempt to unify both versions of the Tax Cuts and Jobs Act. “It is important to acknowledge the many unknowns remaining in this process,” says Musto. “While […]
The race to enact comprehensive tax reform in 2017 is closer to the finish line with the December 1, 2017, Senate passage of the Tax Cuts and Jobs Act. It remains to be seen whether there is enough momentum for tax reform to be finished this year. The changes to savings arrangements that are included […]
The U.S. Senate late Friday approved its version of the Tax Cuts and Jobs Act by a 51-49 vote. The act contains legislation that would make sweeping changes to business and individual federal tax provisions. Included are major changes to corporate tax rates and taxation of business pass-through income, as well as individual income taxation. […]
A recent article published by FinancialPlanning discusses why advisors have been turning to cash balance plans, featuring data from the Kravitz 2017 Cash Balance Research Report. Cash balance plans allow workers more flexibility with their contributions, while decreasing their taxes. According to the Kravitz report, cash balance plans increased by 1,035% between 2001 and 2014 to 15,178 plans with assets of more than $1 trillion.
The Social Security Administration has announced an adjustment to the previously released taxable wage base (TWB) amount for 2018. The TWB for 2018 now is $128,400, adjusted down from the earlier announced $128,700 (the 2017 TWB is $127,200). The reason given for the change is updated wage data made available to the Social Security Administration, […]
In recent articles published by PLANSPONSOR and PLANADVISER, Shannon Kelly and Steve Schweitzer discuss Ascensus’ enhanced digital experience for third- party administrators (TPAs). Ascensus launched a refreshed, web-based plan management platform that was designed after surveying the TPA community. Shannon Kelly, president of retirement, says, “The refreshed TPA dashboard—along with the plan and employee websites that were updated earlier in the year—is simple by […]