Retirement

A&A

Social Security COLAs for 2012: Take the Bad with the Good

The Social Security Administration (SSA) recently announced cost-of-living adjustments (COLAs) for 2012. There's both good news and bad news for your clients.
Tax

IRS Announces Pension Plan Limitations for 2012

The Internal Revenue Service (IRS) has announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2012. In general, many of the pension plan limitations will change for 2012.
Tax

Your Social Security Check Is NOT in the Mail

Do you have clients who still receive their Social Security checks in the mail? Mail carriers won't be dropping them in your clients' mailboxes in the near future.
Practice

Prepare your clients for upcoming 401(k) regulations

A new regulation set forth by the Department of Labor (DOL) states that 401(k) plan vendors will have until April 1, 2012, to disclose fees to plan sponsors, while plan sponsors will have until May 31, 2012, to disclose fees to employees on their quarterly statements.
A&A

GASB to propose changes to accounting for state pensions

The Government Accounting Standards Board (GASB) will propose changes later this month to the method used by most U.S. state and local governments when they report unfunded pension liabilities on their balance sheets. The proposed changes could result in an increase in the amount of liabilities governments will report.
Tax

IRAs for minors are an investment in a child's future

As traditional retirement age draws near for the Baby Boomer generation, many are wishing they had started saving earlier and more aggressively. If you want to help your children avoid that mistake, now is a perfect time to start them on the road to saving for a comfortable retirement.
Tax

2009 hiatus on mandatory IRA withdrawals contributes to 2010 penalties

Some taxpayers who had arranged for the RMD to be automatically deposited into their checking accounts every December deactivated that service in 2009, when the withdrawal was not required. They're paying the price now in unexpected penalties.
Practice Management

Don’t go another year without a succession plan!

If a key partner decided to retire or became disabled, would your firm have a plan for transitioning clients, choosing a replacement leader, and ensuring continuity of firm vision and strategy?
A&A

Department of Labor, SEC prepare to change definition of 'fiduciary' while AICPA balks

The Department of Labor's (DOL) Employee Benefits Security Administration (EBSA), the government group responsible for educating Americans about how retirement and health and certain welfare plans work, has proposed that the definition of the term "fiduciary" be updated.
A&A

Many baby boomers see retirement delayed at least four years

Half of Baby Boomer clients who have postponed retirement due to the economic downturn expect to work at least four years longer than they originally planned, according to CPA financial planners surveyed by the AICPA.
Practice

Forget retirement - let's work forever!

Sixty percent of wealthy individuals say they never plan to retire. This group of "Neveretirees" is expected to grow over the next several years as more than 70 percent of respondents under the age of 45 say they will always be involved in some form of work.
A&A

Charitable gifts from IRAs are ideal means to make donations

The clock is ticking. For tax and financial advisors of donors 70 1/2 or older, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 allows donors to tap their IRA to make qualified charitable distributions through January 31.
Tax

IRS announces 2011 pension plan limitations

The Internal Revenue Service recently announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2011.
AccountingWEB Life

Converting to a Roth IRA easier in 2010

A provision within the Small Business Jobs and Credit Act of 2010 passed by the House Thursday will allow participants in 401(k), 403(b), and 457 tax deferred plans to convert those savings into a Roth IRA account if employers sponsor a Roth IRA in their plan.
Tax

New report shows Americans might fall short on retirement saving

Retirees may not have enough income from retirement plans alone to cover their financial needs during retirement, according to a report publicly released by the Treasury Inspector General for Tax Administration (TIGTA).
Practice

Employees clamoring for basic workplace financial education

In a recent survey conducted by the Personal Finance Employee Education Foundation with the support of the Employee Benefits News, 91 percent of respondents cited employee financial literacy as being extremely important or important in reducing the vulnerability of the American economy to major economic crises.
AccountingWEB Life

Democrats seek to legislate retirement savings

In an effort to increase the number of Americans who are saving for retirement – roughly 50 percent of employees have no retirement savings at all – the Automatic IRA Act of 2010 has been introduced in both houses of Congress.
Tax

Recession blues: 401(k) loans and hardship withdrawals on the rise

Fidelity Investments, one of the nation's providers of workplace retirement savings plans, has released its quarterly data on the state of the 401(k) that show positive, steady savings behavior by the majority of participants. However, it also cited an increase in the use of loans and hardship withdrawals by participants.
Community News

CBIZ acquires retirement plan consulting firm South Winds

CBIZ, Inc., recently announced the acquisition of South Winds, Inc., a Baltimore-based retirement plan consulting firm doing business as Benexx. The agreement became effective August 1.
A&A

New disclosure rules for 401(k) fees go into effect next year

New regulations issued by the U.S. Department of Labor last month will force many 401(k) plan service providers to disclose fees that are deducted from a participating employee’s retirement account.

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