IRA

Legal Alert: Tax Court Finds Indirect Prohibited Transaction in IRA

by Adam Cohen, Mikka Gee Conway, Jonathan Goldman, Carol McClarnon, Alice Murtos, Joanna Myers, Vanessa Scott, W. Mark Smith, Rich Sun, William Walderman, Carol Weiser | Sutherland Asbill & Brennan LLP on 5/22/2013

In Peek v. Commissioner (May 9, 2013), the U.S. Tax Court ruled that two taxpayers had engaged in an indirect “prohibited transaction” with their individual retirement accounts (IRAs) when they provided personal guarantees...more

Be Careful If ROBS Is Your Business Financing Strategy

by Angela Bohmann | Leonard, Street and Deinard - Employee... on 5/16/2013

Various promoters have suggested to entrepreneurs that they use the assets in their 401(k) plans or IRAs to finance a new business. These programs are sometimes known by the acronym ROBS, or Rollovers as Business Start-ups....more

Obama Revenue Raising Proposals

by Vance E. Antonacci | McNees Wallace & Nurick LLC on 5/13/2013

The Obama Administration recently released its budget proposal for the federal government’s upcoming fiscal year of October 1, 2013 to September 30, 2014. The budget proposal contains a variety of changes to the tax laws...more

President Obama’s Pension Cap: Who Would Really Be Affected?

by Carol Buckmann | Osler, Hoskin & Harcourt LLP on 5/8/2013

The President’s recent budget proposal would impose a new cap on tax-favored retirement benefits. Annual contributions and accruals under tax-favored plans are already limited, but this would be a complex new limit...more

Mcnees Insights - Asset Planning and Federal Taxation - Spring 2013

by Vance E. Antonacci, Scott Alan Mitchell | McNees Wallace & Nurick LLC on 5/8/2013

In This Issue: ATRA 2012 – How Does it Affect You?; Planning and Paying for Long-Term Care; and Obama Revenue Raising Proposals. Excerpt from ATRA 2012 – How Does it Affect You?: The American Taxpayer...more

Legal Alert: President's 2014 Budget Includes Employee Benefits Proposals

by Adam Cohen, Carol McClarnon, Alice Murtos, Joanna Myers, Vanessa Scott, W. Mark Smith, William Walderman, Carol Weiser | Sutherland Asbill & Brennan LLP on 5/1/2013

On April 10, 2013, the White House released its Fiscal Year 2014 Budget (the Budget), which includes a number of proposals related to employee benefit plans. Although it is unlikely that all of the proposals will ultimately...more

Say "Goodbye" to Your 401(K) Plan as You Know It?

by Baker, Donelson, Bearman, Caldwell &... on 4/24/2013

From time to time, we hear about threats to the Social Security System – even talk about eliminating it for younger workers. Some reports indicate that about half of Americans have less than $10,000 in savings, while other...more

Bill on Bankruptcy: Lawyers Easily Make Simple Words Complicated [Video]

by Bloomberg Law on 4/24/2013

April 24 (Bloomberg) -- With $64 million at stake for creditors of Lehman Brothers Holdings Inc., lawyers can find complexity even in simple words like "immediately proceeding," as Bloomberg Law's Lee Pacchia and Bloomberg...more

Why Retirement Plan Sponsors Need To Care About Plan Design

by Ary Rosenbaum on 4/16/2013

Would you leave money on the table for the government to take instead? Would you not maximize your retirement savings because your accountant or third party administrator (TPA) told you that you had to give the same amounts...more

Retirement Benefits And Divorce

by Bryan L. Salamone and Associates P.C. on 4/16/2013

For many couples, Pension plans, IRAs, 401ks and other retirement plans represent a significant portion of their net worth. These assets are addressed as marital property in divorce settlement agreements, to be divided...more

Legal Alert: IRS Rules on Account-Opening Bonuses in IRAs and 529 Plans

by Margaret C. Barker, Adam Cohen, Carol McClarnon, Jamey Medlin, Michael Miles, Alice Murtos, Joanna Myers, Vanessa Scott, Amish Shah, W. Mark Smith, William Walderman, Carol Weiser | Sutherland Asbill & Brennan LLP on 3/14/2013

The Internal Revenue Service (the Service) recently released PLR 201310043 (December 11, 2012), which addresses account - opening bonuses credited to an individual retirement account (IRA) or section 529 college tuition...more

What's New for Tax Year 2012 (When Filing in 2013)

by Duane Morris LLP on 2/20/2013

The following are select tax topics affecting individuals and businesses for tax year 2012. Individuals - Personal Exemptions: The personal exemption is $3,800 for 2012, an increase of $100. Alternative...more

Wealth Management Update - February 2013

by Proskauer Rose LLP on 2/12/2013

In This Issue: - February Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - IRS Issues Revenue Procedure 2013-15 - Private Letter Ruling...more

Alert: Estate Planning - January 2013

by Pullman & Comley, LLC on 2/5/2013

For the first time in more than a decade, clients and advisors can plan their estates with a significant degree of certainty. The new tax law passed by Congress on January 1, 2013 and signed into law by President Obama...more

High Net Worth Family Tax Report, Vol. 8, No. 1 - January 2013

by Loeb & Loeb LLP on 1/24/2013

Table of Contents: Remember to file your gift tax return and other follow-up related to 2012 gifts; Review estate plans in light of $5 million exemption becoming permanent; Annual exclusion amount for gifts increased for...more

Highlights of the Individual Tax Provisions in the New Taxpayer Relief Act

by Thomas Wechter | Duane Morris LLP on 1/24/2013

Originally published in the AICPA Tax Insider on January 17, 2013. After months of senseless haggling, the Senate early in the morning of Jan. 1, 2013, by a vote of 89–8, and the House of Representatives late in the...more

January 31 Deadline to Transfer IRA Funds to Charities and Have It Count for 2012

by Sarah S. Butters, Richard Sills | Holland & Knight LLP on 1/24/2013

The American Taxpayer Relief Act of 2012 (the "Act") extends for two more years — 2012 and 2013 — a popular provision that enables an IRA owner to make gifts to charity directly from his or her IRA account without causing the...more

Charitable Giving: Better Late than Never

by Evan Abrams, Barbara Murphy | Farella Braun + Martel LLP on 1/24/2013

The American Taxpayer Relief Act of 2012 (the “Act”), signed into law by President Obama on January 2, 2013, extends favorable tax treatment for qualified charitable distributions made from IRAs (”Individual Retirement...more

Roth Conversion Opportunities Expand, But Practical Questions Remain

by Jeff Belfiglio | Davis Wright Tremaine LLP on 1/21/2013

The recent “fiscal cliff” tax law, the American Taxpayer Relief Act (ATRA), includes a provision effective Jan. 1, 2013 that greatly expands the ability of plan participants to convert pre-tax plan accounts to after-tax Roth...more

The Fiscal Cliff Deal - What does it mean for you and your business?

by Butler, Snow, O'Mara, Stevens and Cannada,... on 1/18/2013

In the early morning hours of January 1, 2013, the Senate approved the American Taxpayer Relief Act of 2012 (the “Act”) by a vote of 89-8. Less than 24 hours later, the House of Representatives also approved the Act by a vote...more

Fiscal Cliff Legislation - Employee Benefits and Compensation Provisions of Interest

by Jessica Carter, David Glaser, Meridith Bogart Krell, Carrie Mitnick, Bernard O'Hare, Bruce Wolff | Patterson Belknap Webb & Tyler LLP on 1/18/2013

Earlier this month we notified you that that under the American Taxpayer Relief Act of 2012—i.e., the “fiscal cliff legislation”—Congress extended the ability of employers to pay or reimburse an employee on a tax-free basis...more

Rates of Change: The Effect of the American Taxpayer Relief Act of 2012 on Individual and Fiduciary Income Taxes

by Ropes & Gray LLP on 1/18/2013

For all the public discussion in 2012 of the need for a significant reformation and restructuring of the Internal Revenue Code, the income tax provisions of the American Taxpayer Relief Act of 2012 (the 2012 Act) are at their...more

Charitable Giving Under the American Taxpayer Relief Act of 2012

by Barbara E. Little | Schnader Harrison Segal & Lewis LLP on 1/18/2013

On January 2, 2013, President Obama signed into law the “American Taxpayer Relief Act of 2012” (ATRA). In this Alert, we explore the good news and the bad news that charitably minded individuals received with the passage of...more

IRS Announces Deadline to Make 2012 Charitable/IRA Rollovers

by J. Grant Coleman | King, Krebs & Jurgens, PLLC on 1/18/2013

On January 16, 2013, the IRS issued a notice (IR-2013-6) advising that certain IRA owners have a limited time to make tax-free transfers to eligible charities and have them count for 2012. IRA owners age 70½ or older have...more

Estate Planning After the Fiscal Cliff Deal

by Katten Muchin Rosenman LLP on 1/17/2013

Now that a deal averting the fiscal cliff has finally been reached, many of the tax and planning issues that have been mired in uncertainty for the past two years (and even longer in some cases) may be resolved. Numerous tax...more

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Legal Alert: Tax Court Finds Indirect Prohibited Transaction in IRA

Be Careful If ROBS Is Your Business Financing Strategy

Obama Revenue Raising Proposals

President Obama’s Pension Cap: Who Would Really Be Affected?

Mcnees Insights - Asset Planning and Federal Taxation - Spring 2013

Legal Alert: President's 2014 Budget Includes Employee Benefits Proposals

Say "Goodbye" to Your 401(K) Plan as You Know It?

Bill on Bankruptcy: Lawyers Easily Make Simple Words Complicated [Video]

Why Retirement Plan Sponsors Need To Care About Plan Design

Retirement Benefits And Divorce

Legal Alert: IRS Rules on Account-Opening Bonuses in IRAs and 529 Plans

What's New for Tax Year 2012 (When Filing in 2013)

Wealth Management Update - February 2013

Alert: Estate Planning - January 2013

High Net Worth Family Tax Report, Vol. 8, No. 1 - January 2013

Highlights of the Individual Tax Provisions in the New Taxpayer Relief Act

January 31 Deadline to Transfer IRA Funds to Charities and Have It Count for 2012

Charitable Giving: Better Late than Never

Roth Conversion Opportunities Expand, But Practical Questions Remain

The Fiscal Cliff Deal - What does it mean for you and your business?

Fiscal Cliff Legislation - Employee Benefits and Compensation Provisions of Interest

Rates of Change: The Effect of the American Taxpayer Relief Act of 2012 on Individual and Fiduciary Income Taxes

Charitable Giving Under the American Taxpayer Relief Act of 2012

IRS Announces Deadline to Make 2012 Charitable/IRA Rollovers

Estate Planning After the Fiscal Cliff Deal

Bill on Bankruptcy: Lawyers Easily Make Simple Words Complicated [Video]

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