Articles
IRS Clarifies Details of the CARES Act
The CARES Act has special rules for required minimum distributions, coronavirus-related distributions, and retirement plan loans. In late June, the IRS released Notices 2020-50 and 2020-51, which clarify many of the details for both retirement plan participants and sponsors.
2019 IRA Contribution Deadline Extension
There’s still time to make a regular IRA contribution for 2019. You have until your tax return due date (not including extensions) to contribute up to $6,000 for 2019 ($7,000 if you were age 50 or older on December 31, 2019).
Due Date for Federal Income Tax Returns and Payments Postponed to July 15, 2020
Due to the Coronavirus pandemic, the due date for filing federal income tax returns and making tax payments has been postponed by the IRS to July 15, 2020.
The SECURE Act and Your Retirement Savings
This long-awaited legislation expands savings opportunities for workers and includes new requirements and incentives for employers that provide retirement benefits. Here are some of the changes that may affect your retirement, tax, and estate planning strategies. All of these provisions were effective January 1, 2020, unless otherwise noted.
Big Changes with SECURE Act
The SECURE Act represents the most sweeping set of changes to retirement legislation in more than a decade. While many of the provisions offer enhanced opportunities for individuals and small business owners, there is one notable drawback for investors with significant assets in traditional IRAs and retirement plans.
Federal Income Tax Returns Advice For Individuals
Need more time to pay your 2018 taxes? Should you extend? Will there be penalties? Should you wait to file. Here are few tips and thoughts on what to do for your 2018 taxes.
The Qualified Business Income Deduction – Sec. 199A Summary
When sweeping tax reform passed in December, 2017 small business owners rejoiced over a new tax deduction aimed specifically at small businesses with pass-through income. Section 199A provides for a deduction based on Qualified Business Income. Understanding this deduction will be one of those impactful ways to save in taxes going forward.
Understanding Required Minimum Distributions
Required minimum distributions, often referred to as RMDs or minimum required distributions, are amounts that the federal government requires you to withdraw annually from traditional IRAs and employer-sponsored retirement plans after you reach age 70½. We review a couple key points on why RMDs create such a tax problem for future and current retirees.
Opportunity Zones
Tax planning is difficult in those years you expect to recognize unusually high amounts of income in a single tax year. There is a new solution to deferring taxes on these transactions, they are called Opportunity Zones.