Periodic payout reviews also advisable

BY EDUARDO JORDAN, CPA

What a great article and wonderful sage advice that appeared in the JofA (“When a client leaves or loses a job,” Feb. 2012, page 40).

As a CFO and controller in industry, may I add that it would be wise for participants to periodically review their choices of payout to make sure that their choices reflect their desires and current lifestyles. Over the last couple of decades, I have encountered several instances when employees are retrenched and, lo and behold, these terminated employees realize that they have chosen a payout from either their deferred comp or their 401(k) plans that does not match their current situation.

Keep up the great articles.

Eduardo Jordan, CPA
Aliso Viejo, Calif.

Editor’s note: Jordan is a member of the AICPA governing Council.

SPONSORED REPORT

Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.

QUIZ

News quiz: IRS warning on cyberattacks and a change in pension rules

Once again, the IRS sounds the alarm about a threat from cyberthieves. See how much you know about this and other recent news with this short quiz.

CHECKLIST

Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.