December 29, 2014
When we think about our personal residence, we probably do not give much thought to the tax impact associated with it. If we do think about the tax aspect, our focus probably is on the savings related to the mortgage interest and real estate tax deductions.
December 18, 2014
Although the Internal Revenue Code trumps IRS Publications, practitioners tend to use the Publications as the initial resource when handling day-to-day tax issues.
December 04, 2014
“Place of residency” and “place of domicile” may appear to mean the same thing, but may have different definitions at tax time. The definitions are similar if you have lived in the same place for many years, but if you recently moved to or maintain a second home in a different state, the two terms may be very different.
What Goes in the Denominator? Complying with the Allocation Rules for Distributions from Qualified Plans With After-Tax Accounts
November 18, 2014
Compliance starts with understanding. Understanding the rules set forth in Notice 2014-54 assisted us with the application of the rules in a situation in which a participant was entitled to take a distribution from his after-tax account only, in a qualified plan that provides and separately accounts for […]
November 05, 2014
Lack of clarity causes frustration. The topic of how to properly allocate the pretax and after-tax amounts attributable to distributions from qualified plan accounts that include Roth 401(a) accounts or after-tax accounts has been a source of much debate in the retirement plan community.
October 22, 2014
Now that we have discussed the basics of Required Minimum Distributions (RMD) in The ABCs of RMDs. it’s important to see how you can get the most from your money. RMDs may be a mandate, but that does not mean there isn’t room for flexibility when it comes to tax planning.
October 07, 2014
The key to Required Minimum Distributions (RMDs) is to know what they are and how they could affect you. Failing to act could result in significant penalties. Here are a few of the basics: Taxpayers are mandated to begin taking taxable withdrawals from their IRAs and 401(k)s in the year they turn age 70 ½. … Continued
September 30, 2014
The need for a nonprofit organization to change its name happens quite frequently. The reasons vary: mergers with other organizations, additions of or changes to major programs, to distinguish from prior affiliated organizations or groups, or to improve marketability and fundraising.