Target Audience: CPAs, EAs, Annual Filing Season Program Participants
Field of Study: Taxation (NASBA); Federal Tax Update (IRS)
IMPORTANT INFORMATION REGARDING CONTINUING EDUCATION CREDIT: THE IRS ACCEPTS THIS SEMINAR FOR ONE (1) CONTINUING EDUCATION CREDIT FOR ENROLLED AGENTS (EA) AND ANNUAL FILING SEASON PROGRAM (AFSP) PARTICIPANTS. Others, PLEASE CONSULT WITH YOUR RESPECTIVE STATE LICENSING AGENCY REGARDING ACCEPTABILITY OF THIS CREDIT.
Note: the credit received from this seminar qualifies as continuing education that is required to obtain the voluntary AFSP – record of completion. however, this website does not offer the AFSP annual federal tax refresher (AFTR) course.
IRS COMMUNICATIONS AND LIAISON IS REGISTERED WITH THE NATIONAL ASSOCIATION OF STATE BOARDS OF ACCOUNTANCY (NASBA) AS A SPONSOR OF CONTINUING PROFESSIONAL EDUCATION ON THE NATIONAL REGISTRY OF CPE SPONSORS. STATE BOARDS OF ACCOUNTANCY HAVE FINAL AUTHORITY ON THE ACCEPTANCE OF INDIVIDUAL COURSES FOR CPE CREDIT. COMPLAINTS REGARDING REGISTERED SPONSORS MAY BE SUBMITTED TO THE NATIONAL REGISTRY OF CPE SPONSORS THROUGH ITS WEBSITE: WWW.LEARNINGMARKET.ORG
DISCLAIMER: THIS SEMINAR WAS FILMED IN Dallas, Texas, ON July 27, 2017, AND THE INFORMATION WAS CORRECT AT THE TIME OF RECORDING.
Seminar Level: Beginner
The IRS Tax Exempt Government Entities/ Employee Plans (TEGE/EP) Division presented this seminar at the 2017 IRS Nationwide Tax Forum.
This session discusses distribution rules for 401(k) and IRA-based SEP and SIMPLE retirement plans and how payments are taxed to recipients. The seminar will cover distributions made before retirement, at retirement and to beneficiaries. Learn about:
- pre-retirement distributions due to loans, financial hardship and divorce;
- 10 percent additional tax on early distributions;
- distributions at separation from service;
- rollover rules for transferring money between plans and IRAs;
- required minimum distributions at age 70 1/2;
- distributions to spouse and non-spouse beneficiaries;
- reporting requirements for plans and recipients; and
- how to find, fix and avoid distribution mistakes in plans.
By the end of this presentation, you will be able to:
- Identify the distribution methods available in SEP’s, SIMPLE’s, and 401(k) plans
- Differentiate between spouse and non-spouse beneficiary rules
- Determine which Publication to research to calculate estimated tax payments on distributions
- List employee benefits to establishing or enrolling in a retirement plan
- Identify when a Loan can become a distribution
No prerequisites or advanced preparation are required for this seminar.