Turning Tax Refunds into Retirement Savings
CPAs know that tax refunds are the largest sums of money that some people will receive all year, so tax season is a great time to help people build their assets and start saving for retirement. They...
View ArticleRPA | Understanding the Increased Liability for 401(k) Retirement Plan...
Excessive fee litigation and class action settlements increased significantly in 2014 and 2015. These decisions and negotiations will encourage more claims against retirement plan committees that...
View ArticleLittle Estate Planning Tips That Add Up
Often, some of the most valuable estate planning results are achieved not by using the big-picture items like bypass trusts, discounts, or note sales, but rather by the aggregate of a variety of...
View ArticleRPA | 401(k) Plan Service Provider Selection and Retention
Plan fiduciaries must take specific steps in the selection and retention of service providers to properly carry out their fiduciary duties. Retirement plan committees and administrators charged with...
View ArticleTax and Financial Retirement Strategies
In Brief With the Baby Boom generation facing retirement, America may soon witness the largest wealth transfer from one generation to another in its history. The authors examine several important tax...
View ArticleLegal, Tax, and Financial Issues for Working Minor Children
As the unemployment rate continues to drop and some visa programs are put on hold, an increasing number of younger people may find it easier to obtain a part-time or summer job. A child with a job...
View ArticleOur Greatest Hits | Avoiding costly mistakes on guaranteed payments to partners
“Our Greatest Hits” is an effort to show our readers the most popular – and still avidly read – articles from our archives. This article originally appeared in our July 1995 Issue. Abstract –...
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Tax-Efficient Required Minimum Distributions
Individual retirement accounts are a popular and effective method of saving for retirement. For some individuals, however, there is a catch: starting at age 70½, account holders must make required...
View ArticleRetirement Plans Need an Advisor Acting in a Fiduciary Capacity
The Employee Retirement Income Security Act (ERISA) provides general standards of conduct for plan fiduciaries. A breach of fiduciary duty can result in personal liability for plan fiduciaries and...
View ArticleRetirement Plans for Employees of LLCs Owned by Tax-Exempt Entities
Taxpayers conduct their operations via a variety of entities, including limited liability companies (LLCs). Even tax-exempt organizations are using the limited liability form to provide protection for...
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Medicaid Qualifying Strategies When There Is No Time to Plan
In Brief As people age, disability can strike with little to no warning, leaving scant time for individuals and families to craft a financial plan. In such cases, Medicaid can cover necessary costs of...
View ArticleUntangling the Inherited IRA Rules
As the baby boomers enter their sunset years, many of them will use traditional Individual Retirement Accounts (IRA) to support themselves in retirement. For a large number of boomers, traditional...
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Getting Older Without Family
The American Association of Retired Persons (AARP) projects that by 2030, approximately 16% of women will be between 80 and 84 years old and childless (Donald Redfoot, Lynn Feinberg, and Ari Houser,...
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Inherited IRAs Pose Many Issues
I read the May 2018 CPA Journal article, “Untangling the Inherited IRA Rules” by Richard L. Russell Jr., Richard L. Russell, and Kristina Kesselring (http://bit.ly/2NeUw1F). One item that was not...
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IRA Planning at Every Age
Retirement planning may be critical at older ages, but it is just as important at younger ages as well. CPAs have the opportunity to review individuals’ tax situations at least once a year when the...
View ArticleProtecting Plan Sponsors from Department of Labor Sanctions and Participant...
Retirement plan sponsors have become the subject of unprecedented scrutiny from plaintiffs’ lawyers and Department of Labor (DOL) regulators. Litigators review filed Forms 5500 and look for plans with...
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New Risks and Potential Rewards in Roth IRAs
The Tax Cuts and Jobs Act of 2017 (TCJA) contains both positive and negative news for Roth IRAs. Some of the implications are obvious, but other effects are less apparent. No Looking Back The most...
View ArticleFinancial Planning Challenges Facing Older Americans
In Brief As the number of senior citizens in the United States continues to rise, CPAs and financial planners will be increasingly called upon to help individuals evaluate their end-of-life care...
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ICYMI | Medicaid Qualifying Strategies When There Is No Time to Plan
In Brief As people age, disability can strike with little to no warning, leaving scant time for individuals and families to craft a financial plan. In such cases, Medicaid can cover necessary costs of...
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Using Online Calculators to Choose between Traditional and Roth IRAs
In Brief Deciding whether a traditional individual retirement account (IRA) or a Roth IRA is the better investment vehicle can be a more complex choice than it initially appears. Many investment...
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