Many Retirement Plan Dollar Limits are Changed for 2018

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

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…

How to Use a 401(k)-to-IRA Rollover to Boost a Future Health Premium Credit

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…

President Obama Directs Treasury to Create New myRA Accounts

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…

Using Retirement Assets To Finance A New Business: Compliance Is The Key

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…