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ABLE 529A: A New Option for Disabled Americans

All About ABLE: Understand regulations and requirements of being an ABLE provider as well as eligibility requirements for your clients.

This topic will provide an overview of the Achieving a Better Life Experience (ABLE) statute found in Section 529A of the Internal Revenue Code of 1986, as amended, and the proposed Treasury regulations issued on June 19, 2015. In December 2014, Congress passed and President Obama signed into law the ABLE Act of 2014, which paved the way for millions of disabled Americans to open tax-free accounts to help them save for their disability expenses. The ABLE Act went into effect on January 1, 2015, and Treasury recently issued proposed regulations addressing record-keeping and other requirements that ABLE providers will need to address. The legislation and the proposed regulations impose a number of requirements upon both providers and participants in connection with opening and maintaining an ABLE accounts. The various states will need to work through these requirements before establishing ABLE programs and you will need to understand the rules concerning opening and using an ABLE account. You will be provided an overview to help you become familiar with these requirements.

Runtime: 59 minutes
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Requirements to Establish an ABLE Account

Eligible Individual Status

Disability Certification

Contribution Limitations

Account Limitations

Permissible Expenses

Taxation of Accounts

Gift, Estate and Generation-Skipping Transfer Taxes

Rollover of Accounts

Status Upon Death of the Designated Beneficiary

Disbursement Requirements

Enforcement Mechanisms

Data Collection

Reporting Obligations

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More Program Information

Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on November 4, 2015.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

James W.C. Canup

Hirschler Fleischer

  • Tax Practice Chair at the Richmond, Virginia based law firm of Hirschler Fleisher
  • Advises individuals, partnerships, and corporations on the tax consequences of their business and other transactions
  • Quoted in The Wall Street Journal, The New York Times, USA Today, U.S. News and World Reports, Accounting Today and other leading publications on tax matters
  • Has written articles for Trust & Estates, Financial Advisor and other publications
  • Recognized by Virginia Business as a member of Virginia’s “Legal Elite” since 2009
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 396303
Published 2015
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