Archive: retirement plans

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New Private Foundation Tax Rate

The new year has brought us the Setting Every Community Up for Retirement Enhancement Act of 2019, referred to as the SECURE Act, which contains a number of significant changes to IRA and 401(k) retirement plans.    Changes include: Repeal of maximum age at which traditional IRA contributions can be made An increase to age […]

The Unintended Consequences of Year-End Bonuses and Awards

The holiday season is upon us and joy is in the air! It’s the time of year when employers are happy to bestow year-end performance bonuses, awards, and gift cards on their employees for jobs well done. Undoubtedly, employees are excited to receive these special types of compensation. The feeling of anticipation from both the […]

Helping Employees Understand their Retirement Plan Distribution Options

Retirement plan distribution options can be complicated for employers, but not nearly as complicated as they can be for plan participants or their beneficiaries. Management may not be in tune with just how important it is to understand and administer their retirement plan when so many of plan responsibilities are outsourced to outside vendors. In […]

Helping Employees Understand their Retirement Plan Distribution Options

Retirement plan distribution options can be complicated for employers, but not nearly as complicated as they can be for plan participants or their beneficiaries.  Management may not be in tune with just how important it is to understand and administer their retirement plan when so many of plan responsibilities are outsourced to outside vendors.  In […]

Obama’s FY14 Budget Proposal NOT Retirement Plan Friendly!

The Obama Administration’s recently released the fiscal year 2014 budget contains several provisions that are less than advantageous as they relate to retirement plans. These provisions are by no means final, however, as Congress has yet to work its way through them. The proposed budget contains two specific provisions that would greatly reduce the attractiveness […]

New Roth Conversion Provisions in 401(k) Retirement Plans

The legislation to avoid the “Fiscal Cliff” did not spawn widespread retirement plan changes as many had feared. However, there is a minor change related to Roth conversions in eligible retirement plans. 401(k) plans that allowed for Roth 401(k) contributions also allowed for the conversion of participant accounts to Roth accounts, but only if the […]

International Tax Series: Know the Basics of Entity Classification and Check-the-Box when Forming or Acquiring a Foreign Company

A U.S. person who plans to form or acquire an ownership interest in a foreign company should be aware of the following U.S. tax requirements. The Form 8832 check-the-box entity classification election can be filed to treat a foreign eligible entity as a pass-through entity for U.S. tax purposes. A foreign entity which is not […]

New Filing Requirement for Retirement Plan Administrators…Well Sort Of

Would you believe that a fairly large number of employees lose track of the retirement plan benefits that they are entitled to from their former employer? It occurs more often than you would think for a variety of reasons, from not knowing they had any benefits to moving and not giving their former employer a […]