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.