Benefits Notes |

Employee benefits are an important part of every employees' total compensation package. The continuously evolving landscape in the areas of health care reform, retirement plan design, and executive compensation makes it difficult for employee benefits professionals to keep up with relevant developments. The employee benefits attorneys at Stinson Leonard Street provide human resources professionals, plan fiduciaries, actuaries, accountants, and others in the industry with practical and cost-effective assistance as they navigate through the complex laws, regulations and guidance that govern employee benefits plans. This blog highlights key developments in the employee benefits field and items of interest to our clients. Our Bloggers →

Latest IRAs Posts

Bill Introduced To Delay Effective Date of DOL Fiduciary Rule

By Todd Martin | January 6, 2017

Fiduciary Guidance, IRAs, Retirement Plans On January 6, 2017 Rep. Joe Wilson introduced a house bill that would delay for two years the effective date of the DOL Fiduciary Rule set to take effect on April 1, 2017.  http://src.bna.com/ldB.   This legislation follows comments from a number of Republican lawmakers critical of the DOL Rule, including members...

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Using Your IRA to Buy a Business: Still a Risky Strategy

By Angela Bohmann | June 16, 2015

IRAs I blogged in the past (here and here)about decisions in which taxpayers have used assets in their IRA to finance a new business. This structure is sometimes known as a ROBS or rollover for business startups. In 2013, the tax court held that an IRA engaged in a prohibited transaction, thereby subjecting the value of...

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Even a Tax Lawyer Can Get the IRA Rollover Rules Wrong – Part 3

By Angela Bohmann | May 6, 2014

IRAs I blogged recently about a tax court case in which a tax attorney failed to follow the strict rules for IRA rollovers and wound up with a large tax bill. I made the point in the blog that the position taken by the tax attorney was supported by an IRS publication. I also blogged on the IRS’s later announcement that...

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Even a Tax Lawyer Can Get the IRA Rollover Rules Wrong – Part 2

By Angela Bohmann | April 1, 2014

IRAs I blogged recently about a tax court decision where a tax lawyer flubbed an IRA rollover, resulting in adverse tax consequences to him and his wife. An interesting aspect of the case – but one not mentioned in the decision – is that the tax lawyer’s action were consistent with the IRA rollover rules as described...

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Even a Tax Lawyer can get the IRA Rollover Rules Wrong

By Angela Bohmann | February 13, 2014

IRAs, Retirement Plans Individuals are permitted to roll over amounts in one IRA to another IRA only once in a 12 month period. The rollover must be completed within 60 days. A tax lawyer at a major New York law firm recently tripped on this rule to his detriment. The tax lawyer had several different IRAs. He took rollover distributions...

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Another Reason to be Careful if ROBS is Your Business Financing Strategy

By Angela Bohmann | November 20, 2013

Fiduciary Guidance, IRAs, Retirement Plans I blogged earlier this year about a tax court decision in which taxpayers used assets in their IRA to finance a new business in a structure sometimes known as ROBS or Rollover for Business Startups. Unfortunately, because of personal guarantees provided by the taxpayers at the time that the business owned by the IRA...

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IRAs and Bankruptcy – This is a Technical One

By Angela Bohmann | July 15, 2013

IRAs This post deals with protecting IRAs in bankruptcy – and the IRA was ultimately protected – but the arguments made are ones that only an ERISA junkie might appreciate. 1. IRAs are protected in bankruptcy only if the IRAs are tax exempt. 2. IRAs are tax exempt only if they do not engage in prohibited...

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Be Careful if ROBS Is Your Business Financing Strategy

By Angela Bohmann | May 16, 2013

IRAs, Retirement Plans Various promoters have suggested to entrepreneurs that they use the assets in their 401(k) plans or IRAs to finance a new business. These programs are sometimes known by the acronym ROBS, or Rollovers as Business Start-ups. The basic structure involves the entrepreneur’s rollover from a prior employer of the amount...

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Thoughts on the Longevity Annuity Guidance Issued by the IRS

By Angela Bohmann | February 23, 2012

IRAs, Retirement Plans I am of an age to be contemplating retirement (and I work in the field so that age may come sooner for me than for others).  My parents are both in their late 80s; I had a grandmother who died a few weeks shy of her 100th birthday.  So I have a personal interest in the risk of outliving one’s retirement...

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