I recently wrote a blog about the enhanced RMD wavier that went into effect in June. You can find it here. Long story short, COVID-19 happened, and everything was instantly different. One of the actions that was taken by the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act was that certain retirement accounts… Read More
In March, the Coronavirus Aid, Relief, and Economic Security (CARES) Act became law. It was designed to help Americans impacted by the COVID-19 pandemic. The new law offered investors a financial break. One benefit of the CARES Act was it gave people the option to skip required minimum distributions (RMDs) from traditional Individual Retirement Accounts… Read More
The word “Audit” is a terrifying word that can strike fear into the hearts of taxpayers. However, the chances of an Internal Revenue Service audit aren’t that high. According to the I.R.S. 2018 Data Book, the I.R.S. only audited 0.59% of individual tax returns. You can visit IRS.gov and check out statistics or download the… Read More
By Sunwook Jin, CFP®, CRPC®, CMFC® The new tax reform bill is now law, and taxpayers can expect a lot of changes to take place in 2018. Reduced tax rates, higher standard deductions, and higher child tax credits for families are just a few of the perks that individual taxpayers will see next year. To pay… Read More
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What will the near-term impact be? On December 20, Congress passed the Tax Cuts & Jobs Act, sending the final version of the GOP tax reform bill to President Trump’s desk. The legislation alters the Internal Revenue Code to a degree unseen since the 1980s, altering income tax brackets, marginal tax rates, key deductions and… Read More
Information for those giving, receiving and organizing. Have you donated money to a crowdfunding campaign this year? You probably have. You may be wondering how the Internal Revenue Service treats these donations. Do the common tax rules apply? The I.R.S. may or may not define such donations as charitable contributions. It depends not only on… Read More
Slight increases have been made due to mild inflation. You will able to put a little more into your workplace retirement account in 2018. The federal government has boosted the annual contribution limit on some of the popular qualified retirement plans thanks to inflation and made other adjustments worth noting. Contribution limits for 401(k)s are… Read More
Breaking down the basics & what each part covers. Whether your 65th birthday is on the horizon or decades away, you should understand the parts of Medicare – what they cover, and where they come from. Parts A & B: Original Medicare. America created a national health insurance program for seniors in 1965 with two… Read More
As Director of Retirement Plan Services, this is a question I hear frequently. A Simplified Employee Pension plan (SEP) is an easy, low-cost option for small business owners to provide retirement benefits for employees (including themselves). This retirement plan option allows for an employer to contribute directly to an individual retirement account for all employees.… Read More