Retirement transition: Crucial decisions
A CPA’s advice becomes even more vital once a client retires since poor decisions about Social Security, Medicare, and other retirement funding strategies will hamper clients for the rest of their lives.
Retirement Planning
IRS makes retirement account inflation adjustments for 2022
The IRS issued the adjusted ceilings, thresholds, and limitations for various retirement plans and individual retirement accounts for 2022.
2021 inflation adjustments for retirement plans announced
The IRS announced that the income ranges for employee participation in workplace 401(k) plans and IRA contributions will increase from 2020 to 2021.
Self-certification of unclaimed property rollovers permitted
The IRS issued guidance adding state unclaimed property fund distributions to the list of reasons taxpayers may self-certify that they missed the 60-day deadline to roll over funds to a qualified retirement plan.
Early distributions from retirement plans related to COVID-19
The IRS has provided procedures to allow individuals to take early distributions from certain retirement plans under the CARES Act.
Inflation-adjusted income ranges for 2021 IRA and 401(k) plans
The IRS announced that the income ranges for employee participation in workplace 401(k) plans and IRA contributions will increase from 2020 to 2021. Most of the other retirement plan contribution limits stayed the same, however.
Unclaimed property distributions allowed as self-certified rollovers
The IRS issued guidance adding state unclaimed property fund distributions to the list of reasons that taxpayers may self-certify that they missed the 60-day deadline to roll over funds to a qualified retirement plan.
Another alert for IRAs investing in master limited partnerships
This article discusses what is needed to help clients who have an IRA invested in PTPs pay the correct amount of tax.
Developing a solid approach to advising clients on Roth IRAs
Tax advisers should develop a profiling system for identifying clients who are best suited to take advantage of Roth IRAs now that eligibility to participate in this popular retirement investment vehicle has been significantly expanded over the past decade.
Inherited IRA strategies after the SECURE Act
This article discusses alternatives to the stretch IRA.
Retirement plan contribution limits increase for 2020
Annual contribution limits for 401(k) plans will increase from $19,000 in 2019 to $19,500 in 2020, and most other limits are increasing as well.
Top seven mistakes when claiming Social Security benefits
CPA financial planners need to consider their clients’ unique circumstances and help them avoid mistakes that could lead to the wrong decision.
Tax planning following the Tax Cuts and Jobs Act
This column discusses advising clients on the implications for choice-of-entity decisions, charitable giving strategies, and estate, retirement, and higher education planning.
The CPA’s role in advising clients about the value of life insurance assets
Life insurance can be a surprisingly valuable hidden asset for clients who are retired.
Managing tax brackets in retirement
A tax adviser can help a client smooth out the high-income-tax peaks and the corresponding lower-tax-bracket years with an effective bracket-management strategy.
Advantages of a one-person 401(k) plan
These plans can allow a large amount to be contributed on behalf of the owner while maintaining flexibility in making contributions in future years.
Federal retirement savings plan ended
Due to “extremely low” demand and high costs, the Treasury Department announced that it is ending the myRA retirement savings program.
Dispelling uncertainty: Scenario analysis for client security
A range of economic, political, personal, and other uncertainties can lead to clients having deep-seated fears about doing any one thing.
Deciding Whether to Roll Over to a Roth IRA
Deciding whether it makes sense to trigger the resulting tax liability depends on several factors.
The Ins and Outs of Owning a Losing Investment in an IRA
Here is a way to turn a lemon into lemonade (with a little help from the stock market).
