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
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
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
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
The following are select tax topics affecting individuals and businesses for tax year 2012.
Personal Exemptions: The personal exemption is $3,800 for 2012, an increase of $100.
Congress extended through the end of 2013 the popular "charitable IRA transfer." This permits individuals who have reached age 70 1/2 to make income tax-free distributions up to $100,000 directly from an individual...more
The newly enacted American Taxpayer Relief Act (H.R. 8) includes a significant new opportunity to perform “in-plan” conversions of pretax dollars to Roth (after-tax) dollars of funds held in defined contribution retirement...more
As you no doubt are aware, Congress just passed, and the President just signed into law, the American Taxpayer Relief Act of 2012 (the “Act”). The Act is effective as of January 1, 2013. This summary addresses certain of...more
The best retirement savings plan begins when you are young and just starting out. If you have the discipline to follow a few simple rules, by the time you reach retirement age, you should be able to do what you want, where...more
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