(Published March 29, 2019) Barbara Boccia traces the evolution of UDAAP standards and regulatory oversight in this "Journal of Financial Compliance" feature, illustrating how some U.S. federal regulatory agencies have retained the ability to enforce the standard even without rulemaking authority. The article provides financial institutions with practical guidance on managing associated risks.

(Published March 28, 2019) This article discusses reporting of simplified employee pension (SEP) and Savings Incentive Match Plan for Employees of Small Employers (SIMPLE) IRA contributions. An important distinction to understand and be able to communicate is how prior year SEP and SIMPLE IRA Plan contributions are reported vs. how prior year IRA regular contributions are reported.

(Published March 28, 2019) Compensation, or earned income, is required to make a traditional and/or Roth IRA regular contribution. Generally, compensation is the amount an individual earns from working. This article will explain what compensation is and is not for IRA regular contribution eligibility purposes.

(Published March 28, 2019) Even if an individual is covered by a Health Savings Account (HSA) eligible high deductible health plan (HDHP), he/she is not eligible to contribute to an HSA if he/she is also covered by a health plan that is not an HDHP. However, an exception applies to certain individuals who receive VA hospital care or medical services for a service-connected disability.

(Published March 26, 2019) Unless an exception applies, distributions taken by an IRA owner prior to age 59½ are subject to an additional tax of 10 percent. An individual who meets the definition of disability is exempt from the additional 10 percent tax. This article will define disability for IRA purposes, and explain how an IRA custodian or trustee reports disability distributions.

(Published March 26, 2019) This article discusses federal income tax withholding as it applies to nonperiodic traditional IRA distributions. In addition to reviewing the withholding notification, remittance, and reporting requirements for which a financial organization is responsible, this article reviews the withholding options available to an IRA owner or beneficiary.

(Published March 27, 2019) Due to the destruction caused by the severe winter storm, straight-line winds, and flooding that occurred on March 9, 2019 in the state of Nebraska, the President has declared that parts of Nebraska are a major disaster. As a result, taxpayers that reside in or have a business located in an affected area may qualify for tax relief.

(Published March 27, 2019) Due to the destruction caused by severe storms and flooding that occurred on March 12, 2019 in the state of Iowa, the President has declared that parts of Iowa are a major disaster. As a result, taxpayers that reside in or have a business located in an affected area may qualify for tax relief.

(Published March 25, 2019) Smaller firms may be aware of the need for automation of regulatory reporting, but some remain hesitant to take the plunge. Read this new commentary to explore some of the challenges that have been holding small banks and FIs back, and the opportunities that forward-thinking firms have been able to grasp.

(Published March 14, 2019) A proposed rule to amend Regulation CC in late 2018 is approaching finalization, which is expected to make cost-of-living adjustments (COLA) to certain dollar amounts within the rule, as required by the Dodd-Frank Act. Those adjustments will require most financial institutions to update their funds-availability disclosure, send change notices and make other updates. The proposal also re-opened the comment period on rules changes proposed in 2011. Karl Leslie writes that as finalization of these rules looms, once the COLA changes are adopted, all financial institutions that offer checking accounts will be impacted—regardless of whether the agencies limit implementation to the 2018 proposal, or include some or all of the 2011 proposal.