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From LIBOR to SOFR | What index will you select? We are here to help you choose. Wolters Kluwer’s latest podcast focuses on the end of the (London Interbank Offered Rate) LIBOR and the industry’s switch to the (Secured Overnight Financing Rate) SOFR index. Listen in as our experts offer guidance on what the end of LIBOR means for market participants and what banks should be doing now to prepare for the transition.

Effective for 2020, the Internal Revenue Service has moved to continuous use forms for Health Savings Account and Coverdell Education Savings Account distribution reporting. This should result in a savings of time and effort for some organizations that are responsible for reporting.

The IRS recently issued updated life expectancy tables used to calculate required minimum distributions (RMDs) from employer plans and IRAs. The updated divisors within the tables are effective for RMD calculations for years beginning on or after January 1, 2022.

On October 26, 2020 the Internal Revenue Service announced retirement plan related cost-of-living adjustments (COLAs) for 2021. Though some figures including the $6,000 regular contribution limit for traditional and Roth IRAs will remain the same, certain income thresholds that determine traditional IRA deductibility, Roth IRA eligibility, and saver’s tax credit eligibility will slightly increase.