Retirement planning tends to focus on saving during the working years, but even more thought should be given to the period after a client retires.
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Personal Financial Planning
A retirement savings head start: 529-to-Roth rollovers
The recently enacted ability to transfer $35,000 of funds from a Sec. 529 plan to a Roth IRA can not only rescue funds “trapped” as education funding once they are no longer needed but can also provide a generous head start on beneficiaries’ assets for retirement.
Recent CCA raises concerns for irrevocable grantor trust modifications
A Chief Counsel Advice memo holding that adding a tax reimbursement clause to an irrevocable grantor trust will constitute a taxable gift by the beneficiaries to the grantor raises a host of questions that taxpayers and advisers should consider before modifying a trust.
Deferring income using annuities
Before purchasing a variable annuity, advisers and their clients should consider whether a stock index mutual fund may be a better alternative.
Tax planning for the TCJA’s sunset
It is important to know which provisions are expiring so taxpayers can be prepared to maximize their tax savings in case the provisions sunset as currently scheduled.
The financial planning process: A distinct opportunity
Implementing PFP services can enhance a firm’s value with more comprehensive client engagement and greater employee satisfaction.
Inflation adjustments to retirement account limits issued for 2024
The IRS announced the inflation adjusted limits on benefits and contributions for various retirement accounts on Wednesday, including the maximum contribution amounts for 401(k) plans and IRAs.
Recent developments in estate planning: Part 2
This second installment of an annual update on trust, estate, and gift taxation covers gift and generation-skipping transfer taxation plus inflation adjustments and legislative proposals in the president’s proposed budget for fiscal 2024.
529 plans and education funding
Advisers can help clients decide whether a Sec. 529 plan supports their family’s educational plans and, if so, the type, funding amounts, and options.
The economics of tax-loss harvesting
Securities disposed of at a loss can often be netted against gains, lowering a taxpayer’s overall tax liability. This article analyzes which taxpayers most stand to benefit and under what circumstances.
Enhance your tax practice with PFP services
Combining the complementary services of tax and personal financial planning yields a more holistic practice and greater client satisfaction.
The unique benefits of 529 college savings plans
This article discusses them, provides examples, and addresses recent tax developments that have expanded the definition of taxfree qualified educational distributions from these plans.
Safe-harbor language issued for amending conservation easement deeds
In response to a requirement in the SECURE 2.0 Act of 2022, the IRS issued a notice Monday that allows donors to amend conservation easement deeds to substitute the safe-harbor language for the corresponding language in the original deed.
10 estate and income tax questions
This item discusses 10 important income tax questions to consider when creating an estate plan.
Planning for the Medicare Part B premium
Financial advisers can help clients avoid big spikes in Medicare premiums through careful tax planning.
Key tax and retirement provisions in the Secure 2.0 Act
The year-end appropriations act included the Secure 2.0 Act, which makes many changes to the retirement plan rules, including expanding automatic enrollment and increasing the starting age for required minimum distributions.
Smart tax strategies for lottery winners
Did a client finally hit their lucky number? Here’s why you should convince them to elect installment payments over the lump-sum option if they win millions in the lottery.
Tax considerations on charitable giving of cryptoassets
This item discusses key tax considerations for donors and charitable organizations that wish to give or receive digital asset donations.
Tax planning issues to consider when assisting clients in a divorce
Navigating a divorce can be an emotional experience for clients, and assisting them can likewise be poignant for their tax advisers, particularly when the adviser has a long-established relationship with both spouses.
Taxpayer marital status and the QBI deduction
This article provides an analysis in four scenarios of whether the QBI deduction will cause a marriage penalty or bonus and discusses whether the existence of a marriage penalty or bonus affects couples’ decision to marry.
TAX PRACTICE MANAGEMENT
2025 tax software survey
AICPA members in tax practice assess how their return preparation software performed during tax season and offer insights into their procedures.
