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HR 4117 116th Congress House Taxation Administrative law and regulatory procedures Department of the Treasury Employee benefits and pensions Government information and archives Income tax deductions Income tax deferral Income tax exclusion Interest, dividends, interest rates Sales and excise taxes Tax administration and collection, taxpayers

IRA Preservation Act of 2019

Introduced: July 30, 2019 See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 30, 2019
Referred to the House Committee on Ways and Means.
Jul 30, 2019
Introduced in House
 Plain-English summary Congressional Research Service

IRA Preservation Act of 2019

This bill modifies requirements for individual retirement accounts (IRAs). It requires the Department of the Treasury to make available to the public an overview of the laws and regulations related to IRAs and examples of common IRA errors and how to avoid them.

The bill amends the Internal Revenue Code to (1) reduce penalties for taxpayers who voluntarily correct certain IRA errors, including excess contributions and failures to take required minimum distributions; (2) eliminate the 10% additional tax on early distributions that are attributable to withdrawal of interest or other income earned on excess contributions to an IRA; (3) repeal the tax disqualification penalty (loss of tax-exempt status) for accounts where employees engage in certain prohibited transactions; and (4) revise the statute of limitations for collecting certain taxes in connection with an IRA.

Treasury must expand the Employee Plans Compliance Resolution System to allow trustees, custodians, and issuers of IRAs to address inadvertent failures for which an IRA owner was not at fault.

What's happening now July 30, 2019

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Democratic 1 Republican 2