Discover strategies your firm can use to cope with aging clients, higher health care costs, and the threat of robo-advisers.
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TOPICS / PERSONAL FINANCIAL PLANNING
Retirement planning
How to help clients learn to save
Helping clients understand how much they need to save can help make the 30- or 40-year plan more digestible in smaller bite sized pieces.
Moved south but still taxed up north
Retirees often move to the southern United States to take advantage of lower taxes, but they should know how their former state of residence will treat them if they leave any property behind.
Emotional harm of elder financial abuse outweighs its financial damage
More than one-third (37%) of CPA financial planners said that elder financial abuse caused “substantial” emotional harm to clients, according to the new AICPA PFP Trends Survey.
Treasury provides information and online sign-up for new myRA accounts
The Treasury Department began providing information about myRA retirement savings accounts for individuals and employers and an electronic application.
How do Americans define personal financial prosperity?
Although homeownership often is depicted as the American Dream, a new AICPA survey shows that being able to afford a comfortable retirement is considered the best sign of financial success.
Americans fear running out of money in retirement
More than half of CPA financial planners say their clients’ biggest concern about retirement planning is running out of money, according to a new AICPA survey.
IRS fills in details of one-a-year IRA rollover rule
Under transition relief, the Bobrow aggregation rule disregards certain distributions occurring in 2014.
Defined contribution plans can offer deferred annuities to older participants
The IRS confirms that target date funds restricted by age can comply with nondiscrimination requirements.
QLACs protect against outliving retirement savings
With longer retirements due to increasing life expectancies, today’s retirees have to worry about outliving their retirement savings.
Changes proposed to allocation rules for rollovers
Disbursements containing both pretax and after-tax contributions may be treated as a single distribution.
IRS fills in details of one-a-year IRA rollover rule
The IRS clarified how the recently announced change in how it interprets the statutory one-rollover-per-year rule for individual retirement arrangements (IRAs) will affect 2014 rollovers and how the rules will apply starting in 2015 (Announcement 2014-32). Sec. 408(d)(3)(A)(i) permits a tax-free rollover of funds in a taxpayer’s IRA as long
Asset protection of retirement funds after Clark
Protection for inherited IRAs and Roth IRAs is still possible after a Supreme Court decision denied their exemption from bankruptcy estates.
QDROs demand the attention of CPAs
Expertise in qualified domestic relations orders and dividing retirement benefits in divorce can be a valuable accounting and tax specialty.
IRA participants can purchase longevity annuities
Final regulations issued on Wednesday (T.D. 9673) permit individual retirement account (IRA) participants to enter into contracts for annuities that begin at an advanced age (often called longevity annuities), using a certain amount of their account balances, without having these amounts count for calculating required minimum distributions from the IRAs
Guidance issued on application of Windsor to retirement plans
Qualified plans must recognize same-sex marriages after the Windsor decision and must be amended, if need be, to make them conform to the results of that decision. Under guidance issued by the IRS, administrators of qualified retirement plans must recognize the same-sex spouses of legally married participants as of June
Supreme Court holds inherited IRAs are not retirement funds
In a unanimous opinion written by Justice Sonia Sotomayor, the U.S. Supreme Court on Thursday held that funds from an inherited IRA were not retirement funds that were exempt from the debtor’s bankruptcy estate (Clark v. Rameker, No. 13-299 (U.S. 6/12/14), aff’g 714 F.3d 559 (7th Cir. 2013)). The Supreme
Notice clarifies midyear amendment of certain retirement plans post-Windsor
The IRS clarified that a qualified retirement plan will continue to be a qualified 401(k) or 401(m) safe-harbor plan if it adopts a midyear amendment to its plan to comply with the rules in Notice 2014-19 requiring qualified plans to conform to the Windsor decision (Notice 2014-37). A safe-harbor 401(k)
Final rules govern tax treatment of distributions to pay accident or health insurance premiums
On Friday, the IRS finalized regulations that provide that distributions from qualified retirement plans to pay accident or health insurance premiums are taxable unless a statutory exclusion applies (T.D. 9665). However, arrangements where amounts are used to pay premiums for disability insurance to replace retirement plan contributions in the event
Rollover contribution to second IRA disallowed
The Tax Court held that a taxpayer who received distributions from two individual retirement accounts (IRAs) and later transferred the amounts back into his IRAs had taxable income equal to the amount of the second transfer. According to the court, the plain language of Sec. 408(d)(3)(B) allows a taxpayer to
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How a CPA beat burnout after strokes, depression
Randy Crabtree, CPA, suffered two strokes in four days and struggled with his mental health for years before he learned to recognize, address, and prevent chronic stress. Learn from his insights on how CPAs can avoid professional burnout.
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