William Byrnes' Tax, Wealth, and Risk Intelligence

William Byrnes (Texas A&M) tax & compliance articles

Byrnes & Bloink’s TaxFacts Intelligence (October 8, 2020)

Posted by William Byrnes on October 8, 2020


 

Byrnes & Bloink’s Tax Facts Offers a Complete Web, App-Based, and Print Experience: Reducing complicated tax questions to understandable answers that can be immediately put into real-life practice, Tax Facts works when and where you need it….on your desktop, at home on your laptop, and on the go through your tablet or smartphone. All four volumes of Tax Facts in print PLUS

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Prof. William H. Byrnes
        Robert Bloink, J.D., LL.M.

Well, the August 31 deadline for repaying RMDs is a month behind us now, though the 60-day window still applies for later RMDs. Be sure to check out who is a qualifying individual below to see if the three-year repayment window applies. We also have some info on the new lifetime income estimates for 401(k) participants and some advice on making the most of an FSA this year.

Moving Beyond the August 31 RMD Repayment Deadline

Clients are excused from the RMD rules in 2020 because of the COVID-19 pandemic. Importantly, the IRS gave individuals until August 31, 2020 to repay any RMDs that were taken earlier in the year–even if the 60-day rollover window had already closed. Now that August 31 has come and gone, the usual 60-day rollover window will only help clients who took RMDs in July and August. However, clients should remember that “qualifying individuals” can repay their distributions at any time within three years of the distribution. Qualifying individuals include those who (1) have been diagnosed with COVID-19, (2) have a spouse or dependent who has been diagnosed, (3) have experienced financial hardship due to quarantine orders, layoffs, childcare obligations, etc. To learn more about who qualifies for repayment relief, visit Tax Facts Online. Read More

DOL Releases Rules on SECURE Act Lifetime Income Estimates for 401(k) Participants

The SECURE Act requires plan sponsors to provide plan participants with certain projections designed to increase awareness of their accounts’ income-producing potential. Under the DOL interim final rule implementing this law, 401(k) plans and other ERISA-covered defined contribution plans must show plan participants the estimated monthly payment they could receive based upon their account balance and life expectancy. For more information on how the DOL has interpreted the law, visit Tax Facts Online. Read More

Health FSA Checkup: Understanding the Facts to Make the Most of FSAs in the COVID Era

Tax-friendly health payment options may be more important than ever in the wake of the COVID-19 global health emergency. Employees should take the time to gain an understanding of the benefits and limitations of various options. Health flexible spending accounts (FSAs) allow employees to save up to $2,750 (in 2020) pre-tax for use on health expenses incurred during the year. At the plan’s discretion, up to $550 can be carried over to 2021. Because of the “use it or lose it” rule, it’s important for clients to understand just when their health expenses are deemed incurred. To learn more about health FSAs, visit Tax Facts Online. Read More

Texas A&M University School of Law’s online wealth and international tax risk management graduate curricula for industry professionals has attracted over 160 enrollment this fall semester. Apply now for courses that begin January 11 spring semester. See the international tax course list by > weekly topic here. <

Texas A&M, annual budget of $6.3 billion (FY2020), is the largest U.S. public university, one of only 60 accredited U.S. universities of the American Association of Universities (R1: Doctoral Universities – Highest Research Activity) and one of only 17 U.S. universities that hold the triple U.S. federal grant of Land, Sea, and Space!

 

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