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New rules will soon require employers to annually disclose retirement income to employees
- Jan 15, 2020
- By Dukhon Tax
- In Business, Business Taxes, Retirement, Tax Advice, Tax Advisor, Tax Planning, Tax Tips
As you’ve probably heard, a new law was recently passed with a wide range of retirement plan changes for employers and individuals. One of the provisions of the SECURE Act involves a new requirement for employers that sponsor tax-favored defined contribution retirement plans that are subject to ERISA. Specifically, the law will require that the benefit statements sent to plan…
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Tax Developments: Summary of the 2019 SECURE Act provisions affecting business and individual taxpayers
- Jan 13, 2020
- By Dukhon Tax
- In Business, Business Taxes, Retirement, Tax Advice, Tax Advisor, Tax Planning, Tax Tips
On December 20, 2019, the SECURE Act, a new tax law included as part of the Further Consolidated Appropriations Act of 2020, was enacted. The “Setting Every Community Up for Retirement Enhancement” (SECURE) Act expands the ability for individuals to maximize their savings and makes simplifications to the qualified retirement system. This article outlines specific provisions of the act in…
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New law helps businesses make their employees’ retirement secure
- Jan 13, 2020
- By Dukhon Tax
- In Business, Business Taxes, Income Tax, Retirement, Tax Planning, Tax Tips
A significant law was recently passed that adds tax breaks and makes changes to employer-provided retirement plans. If your small business has a current plan for employees or if you’re thinking about adding one, you should familiarize yourself with the new rules. The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was signed into law on December 20,…
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4 new law changes that may affect your retirement plan
- Jan 09, 2020
- By Dukhon Tax
- In Business, Business Taxes, Impact on Taxes, Income Tax, Retirement, Tax Planning, Tax Tips
If you save for retirement with an IRA or other plan, you’ll be interested to know that Congress recently passed a law that makes significant modifications to these accounts. The SECURE Act, which was signed into law on December 20, 2019, made these four changes. Change #1: The maximum age for making traditional IRA contributions is repealed. Before 2020, traditional…
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New law provides a variety of tax breaks to businesses and employers
- Dec 31, 2019
- By Dukhon Tax
- In Business, Business Taxes, Employment, Income Tax, Retirement, Tax Advice, Tax Advisor, Tax Deductions, Tax Planning, Tax Tips
While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax relief to businesses and employers. The “Further Consolidated Appropriations Act, 2020” was signed into law on December 20, 2019. It makes many changes to the tax code, including an extension (generally through 2020) of more…
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IRA charitable donations are an alternative to taxable required distributions
- Nov 04, 2019
- By Dukhon Tax
- In Retirement, Tax Advice, Tax Tips
Are you charitably minded and have a significant amount of money in an IRA? If you’re age 70½ or older, and don’t need the money from required minimum distributions, you may benefit by giving these amounts to charity. IRA distribution basics A popular way to transfer IRA assets to charity is through a tax provision that allows IRA owners who…
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Grading the performance of your company’s retirement plan
- Jul 12, 2019
- By Dukhon Tax
- In Business Taxes, Retirement
Imagine giving your company’s retirement plan a report card. Would it earn straight A’s in preparing your participants for their golden years? Or is it more of a C student who could really use some extra help after school? Benchmarking can tell you. Mind the basics More than likely, you already use certain criteria to benchmark your plan’s performance using…
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Thinking about moving to another state in retirement? Don’t forget about taxes
- Jun 06, 2019
- By Dukhon Tax
- In Retirement
When you retire, you may consider moving to another state — say, for the weather or to be closer to your loved ones. Don’t forget to factor state and local taxes into the equation. Establishing residency for state tax purposes may be more complicated than it initially appears to be. Identify all applicable taxes It may seem like a no-brainer…
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Consider a Roth 401(k) plan — and make sure employees use it
- May 17, 2019
- By Dukhon Tax
- In Retirement
Roth 401(k) accounts have been around for 13 years now. Studies show that more employers are offering them each year. A recent study by the Plan Sponsor Council of America (PSCA) found that Roth 401(k)s are now available at 70% of employer plans, up from 55.6% of plans in 2016. However, despite the prevalence of employers offering Roth 401(k)s, most…
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Make a deductible IRA contribution for 2018. It’s not too late!
- Apr 05, 2019
- By Dukhon Tax
- In Retirement
Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2018 tax year between now and the tax filing deadline and claim the write-off on your 2018 return. Or you can contribute to a Roth IRA and avoid paying taxes on future…