Year-end Tax Moves
As we approach the end of the year, now is the time to think about your 2022 taxes. While it hasn’t been a great year for markets, there may be an opportunity to reduce your tax burden...
2023 Contribution Limits Increase
The IRS announced cost-of-Living adjustments for contribution limits to IRAs, 401(k)s and other qualified plans for 2023 on October 21. COLAs are indexed for inflation and the thresholds...
New 401k Lifetime Income Illustrations
Many 401k participants saw, for the first time this year, Lifetime Single Life Annuity Stream illustrations on their quarterly statements. The Secure Act requires that the illustrations be included...
Benefits of the Inflation Reduction Act
President Joe Biden signed the Inflation Reduction Act (IRA) into law in August. The bill is a reduced version of the administration’s Build Back Better plan. It aims to reduce health-care costs...
Inflation Upside?
With inflation at a 40-year high, it may feel like doom and gloom. Markets are down from their January peak, costs have soared especially for food and energy...
The Potential Benefits of Roth IRAs for Children
Most teenagers probably aren’t thinking about saving for retirement, buying a home, or even paying for college when they start their first jobs. Yet a first job can present an ideal opportunity to explain how a Roth IRA...
Secure Act 2.0 Passes in the House
Retirement savings legislation is one area lawmakers come together and show bipartisan support. The House passed the Securing a Strong Retirement Act of 2022 by a vote of 414 to 5 at the end of March...
“A Trend is a trend. But the question is, will it bend? Will it alter its course through some unforeseen force and come to a premature end?” -Alexander Cairncross[1]
As is usually the case, the headlines of a year that are memorable are generally negative. 2021 will likely be remembered for its contested Presidential election, events at the U.S. Capitol...
$1.2T Infrastructure Bill passes while the Build Back Better Act still hangs on the line
The Infrastructure Bill passed in the House late Friday, and is expected to go to President Biden to be signed into law. The Infrastructure bill, which has bipartisan support, passed in the Senate in August...
Should you take advantage of a Roth 401(k)?
If you have a 401(k) or other workplace retirement plan that offers a Roth option, you should consider taking advantage of it...
Changes In Store for Estate & Gift Tax Planning
There are several bills that have been introduced in the Senate that would have a serious impact on the estate tax and assets that are passed to heirs...
2020 Annual Market Recap
2020 will always be remembered as a tumultuous year. When we write out the events that occurred, it’s hard to flesh that against the blistering 18.4% the U.S. stock market returned this year...
401(K) Plan Part-time Employee Eligibility Requirements
The SECURE Act which passed at the end of 2019 requires 401(k) plans to include long-term, part-time employees beginning January 1, 2021...
Why You May Want to Consider a Roth Conversion Now
Tax policy will play a big role in the election. The current tax rates are due to sunset after 2025. That means for most taxpayers, there will be an increase in taxes...
DOL Releases Interim Final Rule on Lifetime Income Disclosures
The U.S. Department of Labor (DOL) has released their Interim Final Rule in response to the SECURE Act’s requirement that administrators of defined contribution plans...
Paycheck Protection Program Flexibility Act
The Paycheck Protection Program Flexibility Act passed the House on May 28, 2020. If enacted, the House bill will make a number of changes to the Paycheck Protection Program (PPP)...
Two Lending/Grant Programs Your Business Must Review Quickly: The Paycheck Protection Program and Economic Injury Disaster Loan
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Title I of the CARES Act creates a $349 billion Paycheck Protection Program (PPP)...
Pandemic + Massive Stimulus = Big Impact
The suddenness in the mandated halt in the economy due to the Covid-19 pandemic is unprecedented. Alarmed at the outlook of a crashing economy, the government has pulled out all the stops...
SECURE Act Can Have Big Impact on your Estate Plan & Trusts
When President Trump signed the SECURE Act at the end of 2019, it could easily have escaped your notice during the holiday season. While time will tell if this law aimed to encourage greater retirement savings achieves its aims...
The SECURE Act Signed into Law
President Trump signed the Setting Every Community Up for Retirement Enhancement Act, better known as the SECURE Act, into law December 20, 2019...
Charitable Giving for Retirees
Retirees age 70.5 and older must take required minimum distributions (RMDs) annually from their Traditional IRA accounts. The RMDs are counted as taxable income in the year distribution is taken...
Roth 5 Year Waiting Period Rules
There are some unclear and misunderstood rules that exist for ROTH IRA distributions...
Tax Cuts and Jobs Act
The Tax Cut and Jobs Act was passed by Congress and signed into law by President Trump in December. How will the new changes impact you? Highlights from the new bill...