Required Minimum Distributions: Compliance and Planning (12:30PM-4:00PM)

Description

Required minimum distributions (RMDs) from employer retirement plans and IRAs must be made or steep penalties will be incurred. Planning opportunities exist in certain situations to minimize distributions. Also, special rules exist for inherited retirement funds. Your clients depend on you to help them navigate the rules regarding required minimum distributions and the taxation of distributions. This course addresses compliance issues and planning opportunities regarding required minimum distributions. The course is updated for the final regulations.

Highlights

  • Minimum distribution requirement changes by the SECURE Act 2.0
  • Latest IRS guidance, including final regulations
  • The calculation of required minimum distributions using the Uniform Life Table
  • Required minimum distributions from multiple accounts
  • New §401(k) rules of SECURE Act 2.0
  • Inherited employer retirement accounts and IRAs: Changes to spousal and non-spousal beneficiary distribution options and stretch IRAs under the SECURE Act
  • Required minimum distributions in the year of death
  • Roth conversions for estate planning and avoiding required minimum distributions
  • Timing of distributions for maximum tax-free compounding
  • Section 529 rollovers to Roth accounts under SECURE Act 2.0
  • Qualified charitable distributions from IRAs and the relationship between deductible IRAs and QCDs under the new anti-abuse rules. Includes SECURE Act 2.0 rollovers to CRUTs and CRATs
  • Taxation of distributions
  • Penalties for missed required minimum distributions and reasonable cause for abatement of penalties. Includes SECURE Act 2.0 changes

Objectives

  • Understand the calculation of required minimum distributions
  • Understand when required minimum distributions are required
  • Understand how to treat inherited retirement accounts and how to utilize stretch IRAs
  • Understand the importance of designated beneficiaries of retirement accounts
  • Discuss the process of requesting the abatement of penalties for failure to make required minimum distributions and how to correct a failure to make a required distribution
  • Understand how to handle an incorrect Form 1099-R
  • Discuss how distributions are taxed when the retirement account has basis that can be returned free of tax
  • Understand the changes to RMD, penalty, and rollover rules under SECURE Act 2.0

Designed For

Any tax practitioner that desires to improve customer service related to required minimum distribution compliance and planning

Leaders

Inibehe Adesanya

Dr. Inibehe (Ini) Adesanya is the president of INI ADESANYA CPA, PLLC, and also owns Global Tax Lady LLC. Dr. Adesanya has worked in various countries with conglomerates and multinationals, including banks and the entertainment industry. She also worked in public accounting before starting her practice. With 20 years of combined experience in accounting, business, and taxation, Dr. Adesanya’s expertise covers complex domestic and international tax issues for both individuals and businesses. Dr. Adesanya works with clients as a subject matter expert (SME) on tax cases and tax issues where she justifies her clients’ tax position based on tax law, treasury regulations, revenue procedures, and other related regulatory publications. Dr. Adesanya has developed and taught courses on business taxation, for which she has received awards. She has also written and presented papers at various forums, organizations, and radio stations focusing on business, accounting, and U.S. and international tax issues. Dr. Adesanya is a Chartered Accountant (ACA), a Fellow Chartered Tax Practitioner (FCIT), and a Certified Public Accountant (CPA) licensed in the states of Colorado and Texas. She is also a Certified Global Management Accountant (CGMA). She holds a B.S. in human anatomy and a Professional Degree in accounting from Nigeria, as well as a Master of Science in taxation from Golden Gate University, San Francisco. She received her Ph.D. in business administration with a concentration in accounting and finance at Trident at American Intercontinental University, Chandler, AZ; her dissertation focus was on taxation.