Retirement

Practice

The 7 Ways to Transition Your Practice

Accountants without a succession plan are hurting not only themselves but their clients as well. Here are seven ways to see your practice continues after you retire—some of them are better than others.
Tax

IRA Rollovers: Do Things Right

Few transactions involving income taxes taxes are as likely to go wrong, and carry as severe consequences, as qualified retirement plan rollovers. Make sure your clients don't fall victim.
Practice

How to Maximize Social Security Survivor Benefits

The Social Security "survivor benefit" is complex, and shrewd calculations and analysis are necessary to get the full amount you're entitled to.
Community News

Retiring MSCPA CEO Reflects on Past and Future of the Profession

Just days before his retirement from the MSCPA, AccountingWEB sat down with Theodore J. Flynn to discuss the major changes that have impacted the profession over the last four decades, the current state of the CPA industry, and where things are headed in the future.
Practice

Succession Planning: Cover These Four Bases for Every Retiring Partner

Every firm is working through the succession maze and dealing with the exit of key partners in the firm. It's the Baby Boomer bubble up close and personal, which I have written about and which every firm that I work with is dealing with.
Practice

NSA Offers Tips for Successful Succession Planning

One of the most complex business decisions an accounting practice will face is putting together a succession plan, but a recent survey conducted by the National Society of Accountants revealed that many firms do not have a plan in place.
Practice

When it Comes to Retirement: How Much Is Enough?

A recent study from the Employee Benefit Research Institute (EBRI) shows that people are not confident they will have enough saved for retirement. The March 2013 Retirement Confidence Survey revealed that 49 percent of those polled indicate they are "not very confident" or "not at all confident" they will have enough income in retirement.
Practice

Buying Out Retiring Partners: What Does It Take?

Does your firm's partner agreement contain the necessary elements to buy out retiring partners in the near future? Perhaps you haven't looked at the agreement in several years, or maybe your firm doesn't even have one. Here are tips on what it takes to make partner buyouts successful.
A&A

How CPAs Can Protect Baby Boomers' Nest Eggs from Derailers

Unexpected life or economic events are causing both short- and long-term damage to the retirement savings of baby boomers in America, according to a recent survey by Ameriprise Financial Inc. But there are strategies CPAs can implement to stop the bleeding.
Tax

Obama's New Budget Proposal: $3 Million Cap on IRAs

The new budget plan that President Obama will unveil on April 10 includes an unprecedented tax whammy for retirement savers: A new $3 million cap on IRA assets and other tax-preferred retirement accounts.
Practice

The Case for Mandatory Partner Retirement

Almost every firm that I work with has a succession issue in the near term. Baby boomers are retiring at an accelerating rate, and firms are coping (or not) with transition issues surrounding those exits.
Practice

The Case for Mandatory Partner Retirement

Almost every firm I work with has a succession issue in the near term. Baby boomers are retiring at an accelerating rate, and firms are coping (or not) with the transition issues surrounding those exits.
Practice

What Five More Years Means for Your Retirement

People want to age with dignity, and they want to be assured that they can be independent and free from being a burden to others in their retirement. The key for many to securing a dignified retirement is working a few additional years.
Practice

Retiring with Dignity

Can baby boomers retire with dignity, or is it no longer in the cards? Financial planners have what it takes to help their clients – and themselves – avoid working into their 80s and beyond.
Tax

Avoid Penalty on ERP Withdrawals

This article from the Oklahoma Society of Certified Public Accountants is one you'll want to share with your clients to help them make wise decisions about early retirement plan withdrawals.
Practice

AICPA Survey: 17 Percent of Young Adults Check Bank Accounts Daily

There's little doubt most young adults are obsessed with their digital devices and the latest technology that helps them use those devices. In fact, three times as many young adults check their social media accounts daily as check their bank accounts, according to the results of a national telephone survey conducted for the AICPA.
AccountingWEB Life

AICPA Survey Reveals Americans' Concerns about Finances and Saving

To commemorate National Financial Literacy Month, a national telephone poll of 1,005 adults was conducted by Harris Interactive on behalf of the American Institute of CPAs (AICPA). The purpose of the survey was to find out what one habit poll participants would most likely forego in a financial pinch.
AccountingWEB Life

Paychex Expands Retirement Services Offering to Fee-Based Financial Advisors

Paychex, Inc., ranked as one of the nation's largest 401(k) recordkeepers according to PLANSPONSOR magazine's 2011 Recordkeeping survey, has announced the launch of Paychex Advisor Select 401(k) Plan, a new offering that is specifically designed for fee-based financial and investment advisors.
Practice

Treasury Proposes New Rules for Annuity Options in Retirement Plans

The U.S. Treasury and the IRS have proposed a package of regulations and rulings intended to encourage retirees to invest some proceeds of their retirement accounts in annuities. Retirees have shown no interest in this type of investment because they are reluctant to invest their entire retirement account in an annuity.
AccountingWEB Life

Helping Clients Protect What They Have

Robert Keebler CPA, MST, AEP, works with clients with a net worth of $5 million to more than $100 million. Many have complex financial situations, and all want to protect what they have. While his firm doesn't offer any asset protection products, they do help guide clients along in the process of getting protected.

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