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Retirement Planning Articles

 

Retirement Plan Options for Small Businesses

Retirement Plan Options for Small Businesses

Posted by Thomas Burns on April 13, 2023

If you’re a small business owner, you may be reluctant to set up a retirement plan because of the administrative burdens. Here are two options to consider that have far fewer requirements than traditional qualified retirement plans.

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Secure 2.0 Act of 2022 Introduces Key Changes for Workplace Retirement Plans

Secure 2.0 Act of 2022 Introduces Key Changes for Workplace Retirement Plans

Posted by Brian Kern on February 14, 2023

The Consolidated Appropriations Act, 2023 that was signed into law on December 29, 2022 by President Joe Biden includes the SECURE 2.0 Act of 2022, which introduces over 90 changes to the federal rules governing workplace retirement plans. This landmark legislation builds on the original SECURE Act that was enacted on December 19, 2019, and aims to expand coverage and increase retirement savings while simplifying and clarifying retirement plan rules.

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Tax Deferred Compounding of a 401(k) Plan

Tax Deferred Compounding of a 401(k) Plan

Posted by Isabella Newman on January 04, 2023

Everyone knows the benefits of a 401(k) plan.  You can build substantial wealth with maximizing your contributions and diversifying between traditional and Roth 401(k) pans.

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There’s Still Time to Make an IRA Contribution

There’s Still Time to Make an IRA Contribution

Posted by Isabella Newman on March 03, 2022

To help ensure financial security in retirement, saving now on a tax-favored basis is a smart move. And if you qualify, you still have time to contribute to an IRA or SEP and save on your 2021 tax return.

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When Should You Take Social Security Benefits?

When Should You Take Social Security Benefits?

Posted by Jeffrey Budzinski on March 29, 2021

The age that retirees may start receiving 100% of their Social Security benefit ranges from 65 for people born in 1937 or earlier to 67 for people born in 1960 or later. However, you can also opt to receive reduced monthly benefits as early as age 62 — or you can choose to receive a higher monthly benefit by deferring receipt up until age 70.

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How to Avoid Penalties on Early Retirement Account Withdrawals

How to Avoid Penalties on Early Retirement Account Withdrawals

Posted by D’Marie Murray on August 10, 2020

The COVID-19 pandemic has resulted in many people borrowing from their companies' qualified retirement plans. If economic fallout from the pandemic causes you to default on one of these loans, it will cause negative tax and retirement-saving consequences.

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IRS Issues Guidance on COVID-19 Distributions from Retirement Plans

IRS Issues Guidance on COVID-19 Distributions from Retirement Plans

Posted by D’Marie Murray on July 16, 2020

The IRS recently issued guidance related to coronavirus-related distributions allowed under the CARES Act. The guidance applies to qualified individuals, employers, and eligible retirement plans. It explains who qualifies to take an eligible distribution. It also includes relief to anyone who already took a required minimum distribution in 2020 from certain retirement accounts.

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CARES Act Relaxes Qualified Plan and Employee Benefit Rules to Improve Cash Flow for Employer and Employees

CARES Act Relaxes Qualified Plan and Employee Benefit Rules to Improve Cash Flow for Employer and Employees

Posted by Michael Grimaldi on April 13, 2020

The CARES Act includes several relief provisions for tax-qualified retirement plans, expands health care flexible spending accounts so funds can be used for over-the-counter items, clarifies some health insurance plan questions, and, through year-end, allows employers to reimburse employees for student loan payments tax-free. This alert explains those items.

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Now May Be a Good Time for a Roth Conversion

Now May Be a Good Time for a Roth Conversion

Posted by D’Marie Murray on April 06, 2020

When life gives you lemons, make lemonade. The financial markets have plummeted over the last month. But there's an upside for long-term investors: Low market values may provide a tax-smart opportunity to convert your traditional IRA to a Roth IRA. This strategy is simple, but it's not right for everyone. Here are some factors to consider before you execute a Roth conversion in 2020.

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Consider Taxes When Dividing Up Retirement Accounts in Divorce

Consider Taxes When Dividing Up Retirement Accounts in Divorce

Posted by Brian Kern on March 03, 2020

Getting divorced? You might want to divide your marital assets quickly and cut financial ties with your ex as soon as possible. But, when it comes to splitting up IRAs, 401(k) plan funds and other tax-favored retirement accounts, it's important to set up your divorce papers properly and follow the formalities of the settlement agreement to avoid potential tax-related pitfalls.

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