Taxation

Dear IRS: I Messed Up My Rollover, But I Have a Pre-Approved Excuse

The US income tax system relies on voluntary reporting by individuals, with just enough cross-checking (through W-2s, 1099s and other third-party documentation), and the possibility of individual audits to encourage compliance. But what happens when the cross-checking shows too many …
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Family Loans: Just Between Us – and the IRS

Providing financial assistance for children (or other family members) is a common practice, one that many households gladly consider because the benefits often extend far beyond financial outcomes. Especially when traditional lenders are unwilling or unable to extend credit, family …
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Borrowing for Year-end Transactions

For most employees, self-employed individuals and small business owners, the fiscal year ends on December 31. And as the year comes to a close, a review might determine that transactions completed before year-end could provide financial and/or tax advantages. For …
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Did Conventional Wisdom about Retirement Plans Just Change?

It’s interesting to consider how and why conventional wisdom stops being conventional.   There’s not a clock that expires, telling everyone “your time is up,” or a formal announcement that declares a new idea has been installed as the accepted …
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IRA Rollovers:

A loophole is not a loophole, even if the IRS permits it If you had a tax question regarding an IRA account, you might read an IRS publication online or consult with an attorney well-versed in tax law. If the …
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Is the HSA a “Healthier” Individual Retirement Account?

Intervention in a complex system always creates unanticipated – and often undesirable – outcomes. Economists and sociologists call this the Law of Unintended Consequences. And while the unintended consequences that get our attention tend to be negative, there may be …
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Now or Later? Maximizing Social Security

The bad thing about complexity is people get confused by it. The good thing about complexity is people who understand it often gain an advantage. This axiom applies to deciding when to start Social Security retirement benefits. Since its inception …
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Statute of Limitations On Transferred Assets: As Long As The IRS Needs It To Be

Tax attorney Charles Rubin authors a blog offering news and commentary on issues involving transferred assets, typically in the context of estate settlements or other generational transfers. It might be a coincidence, but two of Rubin’s recent posts focused on …
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Deadline October 1st, Simple IRA Plan Checklist

Every year it is important that you review the requirements for operating your Savings Incentive Match Plan for Employees of Small Employers (SIMPLE) IRA plan. Use this checklist to help you keep your plan in compliance with many of the …
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RMDs: The Baby Boomers are Coming!

In 2016, the leading wave of Baby Boomers will turn 70 and begin Required Minimum Distributions (RMD) from their IRAs and similar qualified retirement accounts.
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