Categories

Tax Planning

IRS Again Delays RMDs for Inherited IRA By Robert Mark Weiss, CFA

Posted October 26, 2023

In July 2023, the IRS issued guidance granting taxpayers temporary relief from compliance with recently enacted laws concerning required minimum distributions (RMDs) from tax-deferred retirement accounts, including individual retirement accounts (IRAs) and 401(k)s. The Secure Act, signed into law in 2019, introduced a requirement that certain non-spouse beneficiaries of inherited IRAs draw down those accounts […]

Financial Advisors May Help Investors Achieve Tax Alpha By Joseph Karl, CFA

Posted October 17, 2023

It’s no secret that taxes can take one of the biggest bites out of your investment returns. Consequently, it’s important to thoroughly analyze the short- and long-term tax implications of your investment decisions with an eye toward achieving tax alpha, or the added value that comes from implementing strategies that effectively reduce tax burdens on […]

Victims of Hurricane Idalia in South Carolina, Parts of Florida Receive Tax Relief By Sean Deviney, CFP®*

Posted September 27, 2023

The IRS has extended until Feb. 15, 2024, various tax-filing deadlines for individuals and businesses recently impacted by Hurricane Idalia, which first made landfall on Florida’s west coast on Aug. 27, 2023. The postponed deadline applies automatically to taxpayers with homes or businesses located in South Carolina and 49 of Florida’s 67 counties that have […]

Streamlined Annual Reporting Available to More Employee Benefit Plan Sponsors for 2023 Plan Year By Sean Deviney, CFP®*

Posted August 24, 2023

Earlier this year, the IRS, Department of Labor (DOL) and Pension Benefit Guaranty Corporation (PBGC) issued final changes to the annual reporting requirements of employee benefit plan sponsors for their 2023 filings of IRS Forms 5500 and 5500-SF. The revisions were introduced as part of the Setting Every Community Up for Retirement Enhancement Act of […]

Income, Estate and Retirement Planning with Taxes in Mind by Eric P. Zeitlin

Posted August 15, 2023

Engaging in estate and financial planning without paying attention to taxes can be a fool’s errand. Tax awareness can be tantamount to all aspects of saving, investing and spending. Failure to consider the tax implications of any estate or financial plan component may negatively affect expected returns and result in significant tax liabilities. Tax Terms […]

IRS Again Delays RMDs for Inherited IRA By Robert Mark Weiss, CFA

Posted August 9, 2023

In July 2023, IRS issued guidance granting taxpayers temporary relief from compliance with recently enacted laws concerning required minimum distributions (RMDs) from tax-deferred retirement accounts, including individual retirement accounts (IRAs) and 401(k)s. The Secure Act, signed into law in 2019, introduced a requirement that certain non-spouse beneficiaries of inherited IRAs draw down those accounts and […]

Donor-Advised Funds Gain Popularity as a Means of Charitable Giving By Eric P. Zeitlin

Posted August 1, 2023

According to the Giving Institute’s annual report on philanthropy, charitable giving in the U.S. remained strong from 2019 to 2021, growing more than 9 percent over two years. At the same time, Americans increasingly turned to donor-advised funds (DAFs) as their preferred method for supporting the organizations and charities that are nearest and dearest to […]

What is a Spousal Lifetime Access Trust? By Lee F. Hediger

Posted July 27, 2023

One of the basic principles behind proper estate planning is to help ensure that decedents’ hard-earned wealth passes to their heirs in the most tax-efficient manner, which often means minimizing exposure to federal estate and gift taxes. While there are a variety of trust vehicles and other strategies individuals may use to achieve this goal, […]

Selling a Business Requires Estate-Tax Planning By Eric P. Zeitlin

Posted July 12, 2023

Selling a company you put your heart and soul into building can provide significant rewards, including financial security for the remainder of your lifetime and potentially your heirs. Nevertheless, achieving that aim and reaping the full potential of the proceeds from a business sale requires careful reviews of where your business currently fits within your […]

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