Treasury provides information and online sign-up for new myRA accounts


On its website at myra.treasury.gov, the Treasury Department began providing information about myRA retirement savings accounts for individuals and employers and an electronic application. President Barack Obama announced the accounts in 2014 as a way for new savers, especially employees whose employers do not offer a Sec. 401(k) or other qualified plan, to save for retirement. Although the IRS has not provided guidance on its tax treatment, a myRA account is a “new type of Roth IRA” that has no fees and invests contributions exclusively in a “new United States Treasury security,” according to Treasury. Employees own the accounts and can continue using them if they change jobs. They can build savings for 30 years or until the account reaches a balance of $15,000, whichever comes first. The accounts can be rolled over into a traditional Roth IRA at any time.

SPONSORED REPORT

Get your clients ready for tax season

Upon its enactment in March, the American Rescue Plan Act (ARPA) introduced many new tax changes, some of which retroactively affected 2020 returns. Making the right moves now can help you mitigate any surprises heading into 2022.

100th ANNIVERSARY

Black CPA Centennial, 1921–2021

With 2021 marking the 100th anniversary of the first Black licensed CPA in the United States, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in the CPA profession.