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Retirement Planning

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1. Employee Benefits

October 2009 | Article

The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) provided transition relief for plan administrators of 403(b) plans who make a good faith effort to comply with applicable annual reporting requirements for the 2009 plan year. The guidance in the EBSA’s Field Assistance Bulletin (FAB) no.

2. Excerpts From the Personal Financial Planning Round Table

October 2009 | Article

Editor's note These are Webexclusive excerpts from the JofA's round table discussion with members of the AICPA's Personal Financial Planning Section. Also read Lessons Learned From the Financial Crisis, Oct. 09. PARTICIPANTS' PERSPECTIVES ON GETTING INTO PERSONAL FINANCIAL PLANNING Lyle Benson We’re all living examples of CPAs who made the decision to enter into this area a long time ago in our careers.

3. No Penalty Tax on Additional IRA Distributions

September 2009 | BY CHARLES J. REICHERT, CPA | Article

The Tax Court ruled that paying higher education expenses from an IRA was not a modification of a taxpayer’s annuity payments from the IRA that would have made the payments subject to the 10 additional tax on early distributions. Generally under IRC § 72(t), distributions received from an IRA before a taxpayer reaches age 59½ are subject to the penalty.

4. Loan Refinancing Deemed a Taxable Distribution

September 2009 | BY ALICE A. UPSHAW, CPA, DARLENE PULLIAM, CPA | Article

The Tax Court found that the amount by which a taxpayer’s refinancing of a loan from his qualified retirement plan exceeded statutory limits was a deemed distribution subject to the 10 additional tax. Under section 72(p)(2), a loan from a qualified retirement plan to a participant is not treated as a taxable distribution under three conditions (1) The principal amount of the loan, when added to the outstanding balance of any other loans from the same plan, does not exceed the lesser of (a) $50,000 or (b) the greater of onehalf of the present value

5. Defined Contribution Plans for Nonprofit Organizations

August 2009 | BY JAMIE EARLY | Article

When it comes to qualified retirement plans, the 403(b) has long been the default alternative for nonprofit organizations. The lack of nondiscrimination testing for elective deferrals and no plan audit requirement as well as the ability to avoid Employee Retirement Income Security Act (ERISA) regulations have traditionally been the biggest benefits associated with sponsoring a 403(b) plan.

6. Taking Advantage of the RMD Holiday for IRAs

August 2009 | BY ALISTAIR M. NEVIUS | Article

For 2009 only, the required minimum distribution (RMD) rules applicable to retirement plan withdrawals have been waived. This allows retirees to forgo a year’s distributions. The benefit of this suspension may seem obvious The beneficiary can defer taxable income and hopefully the holdings—likely battered over the past year—can recover before being further depleted.

7. CPA Financial Planners Assess New Risk Environment

June 2009 | Article

Eighty percent of CPA financial advisers are strongly recommending a mix of growth and income securities for their clients, according to an online survey of members of the AICPA’s Personal Financial Planning Section. The survey, conducted between April 22 and June 4, showed that CPAs are reevaluating their clients’ risk tolerance and working to rebalance portfolios, reassess tax planning, and control expenses and cash flow.

8. Retirement Planning Using a Client's Tax Return

May 2009 | BY ALISTAIR M. NEVIUS | Article

Many CPAs never follow up with clients after tax season, but CPAs can provide valuable assistance by taking some time after busy season to use the tax return as a guide to helping clients prepare for retirement. A tax return is an excellent starting point for the personal financial planning process.

9. The Complete Guide for Investing During Retirement

April 2009 | BY loanna overcash | Article

by Thomas MaskellAdams Media, 2009, 256 pp. If you, or a client, have reached retirement age with only a modest savings for retirement, this book is for you. With no market experience, former engineer Thomas Maskell started his investing career during retirement and learned the business of buying and selling stocks from the ground up.

10. Social Security for Two

January 2009 | BY Francis C. Thomas | Article

CPA financial planners are often confronted with the question, When should I start collecting Social Security benefits? For married couples, the question should be asked in the plural. Current financial needs and expected life span may be paramount considerations for a single person. However, the implications of when to begin receiving benefits (and on which spouse’s work record) for spousal and survivor’s benefits not only introduce key points for every married couple to ponder but also create additional strategic opportunities for financial security in their golden years together.