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It’s hard to imagine Congress wanting to tax Americans who are diligently saving for retirement by investing automatically into their company retirement plans, but that’s what a newly proposed “transaction tax” appears to do.
March 4, 2019
New Rules for Hardship Distributions
When an employee participating in their company’s 401(k), 403(b), or Profit Sharing Plan has a financial need, most plans have a participant loan provision. If the financial need amounts to an “immediate and heavy financial need,” the plan can allow for a hardship distribution.
February 5, 2019
Deductibility Deadlines
To deduct the employer contributions made to your company retirement plan for any given year, plan contributions must be deposited no later than the due date (including extensions) of your federal tax return. Below is a summary of the deadlines for a calendar year tax filer.
January 7, 2019
2019 Cost of Living Adjustments
As the cost of living rises every year, retirement plans can be affected. Lets take a look at the new year’s COLA adjustments for 2019.
January 2, 2019
Tax Cuts and Jobs Act – Will You Get the new 20% Tax Deduction?
If you might not have heard yet, a new tax law was put in place this year. The new law offers a 20% tax deduction to owners of pass-through entities such as sole proprietorships, S corporations, and partnerships. The deduction limited specified service businesses including health, law, accounting, actuarial science, performing arts, consulting, athletics, financial, brokerage, or any business where the principal business is the reputation or skill of one or more of its employees.