The SECURE Act likely to affect your retirement and estate plans
Posted February 10, 2020 / No comments
In late 2019, the first substantial legislation related to retirement savings since 2006 became law. The Setting Every Community Up for Retirement Enhancement (SECURE) Act brings numerous changes to the retirement and estate planning landscape, and some of them should prompt careful review of your existing plans to ensure they’ll accomplish the desired outcomes, including
Read MoreNumerous tax limits affecting businesses have increased for 2020
Posted January 27, 2020 / No comments
An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your business. Social Security tax The amount of employees’ earnings that are subject to Social Security tax is capped for 2020 at $137,700 (up from $132,900
Read MoreThe SECURE Act changes the rules for employers on retirement plans
Posted January 27, 2020 / No comments
The Setting Every Community Up for Retirement Enhancement (SECURE) Act is the first significant retirement-related legislation in more than a dozen years. It brings many changes that affect employers of all sizes, including some that could be particularly beneficial for smaller employers that sponsor retirement plans. Some of the changes, however, may increase the burden
Read MoreThe U.S. Department of Labor finalizes the new overtime rule
Posted January 15, 2020 / No comments
The U.S. Department of Labor (DOL) has released the finalized rule on overtime exemptions for white-collar workers under the Fair Labor Standards Act. The rule updates the standard salary levels for the first time since 2004. While it is expected to expand the pool of nonexempt workers by more than 1 million, it’s also more
Read MoreFactor 2020 cost-of-living adjustments into your year-end tax planning
Posted January 9, 2020 / No comments
The IRS recently issued its 2020 cost-of-living adjustments. With inflation remaining largely in check, many amounts increased slightly, and some stayed at 2019 levels. As you implement 2019 year-end tax planning strategies, be sure to take these 2020 adjustments into account in your planning. Also, keep in mind that, under the Tax Cuts and Jobs
Read MoreIRS issues final QBI real estate safe harbor rules
Posted January 8, 2020 / No comments
Earlier this year, the IRS published a proposed safe harbor giving owners of certain rental real estate interests the opportunity to take advantage of the qualified business income (QBI) deduction. The QBI write-off was created by the Tax Cuts and Jobs Act (TCJA) for pass-through entities. The IRS has now released final guidance (Revenue Procedure
Read MoreNew law helps businesses make their employees’ retirement secure
Posted January 8, 2020 / No comments
A significant law was recently passed that adds tax breaks and makes changes to employer-provided retirement plans. If your small business has a current plan for employees or if you’re thinking about adding one, you should familiarize yourself with the new rules. The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was signed
Read More4 new law changes that may affect your retirement plan
Posted January 8, 2020 / No comments
If you save for retirement with an IRA or other plan, you’ll be interested to know that Congress recently passed a law that makes significant modifications to these accounts. The SECURE Act, which was signed into law on December 20, 2019, made these four changes. Change #1: The maximum age for making traditional IRA contributions
Read MoreTCJA glitches and the extenders: Uncertainty looms over some federal income tax provisions
Posted April 12, 2019 / No comments
Congress has yet to tackle several outstanding uncertainties frustrating both businesses and individual taxpayers. The Tax Cuts and Jobs Act (TCJA), for example, contains several “glitches” requiring legislative fixes. Congress also has neglected to pass the traditional “extenders” legislation that retroactively extend certain tax relief provisions that expired at the end of an earlier year,
Read MoreHave you had your annual estate plan checkup?
Posted January 10, 2019 / No comments
Have you had your annual estate plan checkup? An annual estate plan checkup is critical to the health of your estate plan. Because various exclusion, exemption and deduction amounts are adjusted for inflation, they can change from year to year, impacting your plan. 2019 vs. 2018 amounts Here are a few key figures for 2018
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