IRS Relaxes Retirement Plan Rules to Hurricane IRMA Victims
Posted by Kim Chen on September 21st, 2017
The IRS announced that employer-sponsored retirement plans (such as 401(k)s) can make loans and hardship distributions to Hurricane Irma victims and their families. Participants in 401(k) plans, employees of public schools and tax-exempt organizations with 403(b) tax-sheltered annuities, as well as state and local government employees with 457(b) deferred-compensation plans may be eligible to take […]
Help from the IRS for Hurricane Irma Victims
Posted by Kim Chen on September 21st, 2017
Hurricane Irma has left many victims in parts of Florida, the U.S. Virgin Islands and other areas unable to fulfill their tax responsibilities and perform some key tax-related responsibilities. In response, the IRS is offering Hurricane Irma victims extra time to complete these tasks. Affected individuals now have until January 31, 2018, to file certain […]
The stretch IRA: A simple yet powerful estate planning tool
Posted by Kim Chen on August 3rd, 2017
The IRA’s value as a retirement planning tool is well known: IRA assets compound on a tax-deferred (or, in the case of a Roth IRA, tax-free) basis, which can help build a more substantial nest egg. But if you don’t need an IRA to fund your retirement, you can use it as an estate planning […]
Consider key person insurance as a succession plan safeguard
Posted by Kim Chen on June 23rd, 2017
For many companies, the sudden death of an owner or hard-to-replace employee could spell doom for the business itself. Key person insurance guards against this risk. Your business pays the premiums and, if the insured dies while the policy is in effect, receives the payout. Premiums generally aren’t tax deductible, but death benefits typically aren’t […]
Offer plan loans? Be sure to set a reasonable interest rate
Posted by Kim Chen on June 21st, 2017
Can your company’s retirement plan participants take out loans from their accounts? If so, you must set a “reasonable” interest rate. Neither the IRS nor the DOL provides a set percentage for plan sponsors. The IRS looks to similar local interest rates and what local banks charge for similarly structured loans. Meanwhile, DOL regulations generally […]
