Congress recently passed-and the President signed into law-the SECURE Act – Setting Every Community Up for Retirement Enhancement Act, landmark legislation that affects the rules for creating and maintaining employer-provided retirement plans. The SECURE Act became effective January 1, 2020. The following provides highlights of the most notable changes, as well as what the legislation…
Like many of my clients, I have been fortunate to run a successful small business for many years. Recently I was interviewed for an article (shown below) about family-owned accounting businesses and how not many of them are being handed down to the next generation. Succession planning is something all small business owners think…
The IRS has announced the following cost-of-living adjustments with respect to retirement plan limits for 2019. As always, please contact our office if you wish to discuss any of these changes and how they may directly affect your business. Sincerely yours, Dean R. Holland, CPA, MSA President Many Retirement Plan Dollar Limits Increase For 2019…
The IRS has announced the 2018 cost-of-living adjustments (COLAs) with respect to retirement plan dollar limits. Many limits are changed for 2018 since the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. However, others remain unchanged. The article below outlines the changes you need to be aware of. Sincerely yours, Dean Holland,…
Overview of Various Types of IRAs Available At one time, there was relatively little confusion about IRAs because there was only one type available. Now, however, IRAs have proliferated-there’s the “traditional” IRA, which may be funded with deductible and/or nondeductible contributions, Roth IRA, SEP-IRA, and SIMPLE IRA. Some of these IRAs have similar features, but…
Dear Tax Payer, If you are faced with retirement and/or separation of employment prior to your normal retirement age (65 or 66 for most of us) and have a situation where you must acquire health insurance prior to being eligible for medicare and have a 401 (k) rollover opportunity, then the article below may be of interest…
Dear Tax Payer, As promised in his State of the Union address, President Obama has taken executive action and directed the Treasury Department to create a new retirement savings vehicle called a “myRA.” A White House spokesperson described a myRAs as being simple, safe, and affordable starter savings accounts to help low- and moderate-income taxpayers…
Dear Client, While rollover financings can help aspiring entrepreneurs in the economic downturn, they must be carefully structured and comply with IRS filing and other legal requirements to avoid IRS challenge. Following the economic downturn, small businesses and aspiring entrepreneurs found it increasingly difficult to obtain conventional financing. Thus, it is not surprising that, in…
Starting a retirement savings plan can be easier than most business owners think. What’s more, there are a number of retirement programs that provide tax advantages to both employers and employees. Why Save? Experts estimate that Americans will need 70 to 90 percent of their preretirement income to maintain their current standard of living when…