The recently passed appropriations bill includes the long-awaited SECURE (Setting Every Community Up for Retirement Enhancement) Act and other retirement-related rules. This act went into law on January 1, 2020.  This is the most significant change in retirement plan rules since 2006. 

Here is a summary of the major components:

  • The minimum distribution age increased from 70 ½ to 72
  • No more stretch IRAs, beneficiaries must withdraw all assets of an inherited account wit
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Employees are the greatest asset that a company can have. Therefore, it’s important to provide valuable benefits that attract and retain talent. Retirement benefits are one of the most important benefits an employer can offer. Where do you start when choosing a retirement solution?

There are many types of benefit plans, including:

  • Payroll Deductions IRAs
  • Simplified Employee Pensions
  • SIMPLE IRA Plans
  • Profit Sharing Plans
  • 401(k) Plan
  • Safe Harbor 401(k) Plans
  • Automatic
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Sheri Terens, CPA shows how to handle common mistakes in retirement plans:

 

 

So, you’re a great employer that started an employee retirement plan to offer the added benefit to your employees. Of course you want to do the right thing to run your plan, but are you?

 

First, you need to start off with a retirement plan checklist:

  • Has your plan document been updated within the past few years to reflect recent law changes?
  • Are the plan’s operations based on the
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Chris Eichmuller, CPA has information on a different way to make charitable donations:

 

Are you over 70 ½?  Are you required to take distributions from your IRA?  Are you a charitably-inclined person?

The recently enacted “Protecting Americans from Tax Hikes Act of 2015” contains a permanent extension of the popular rule allowing tax-free IRA distributions of up to $100,000 if donated to charity. The rule allows IRA owners who are 70-1/2 or older to direct up to $100, Read More >>

Mike Bigrigg, CPA/ABV recently gave a presentation on business valuations and succession planning. Here is what you need to know:

 

 

Two-thirds of businesses in the United States are owned by entrepreneurs over the age of 50. It is estimated that 10 million of those business owners will retire in the next 10 years. It is also estimated that 35% of those businesses will not sell due to poor succession planning. Only 1 in 4 closely held businesses have a formal success Read More >>

Successful business succession planning comes with lots of planning. Intentionally Defective Grantor Trusts, according to Tom Krause, CPA, can keep things simple and save you money.

 

 

There are a number of businesses that will be transferring ownership over the next ten years.  Why? Baby boomers. There is a large population of baby boomer business owners who will be upon retirement age and desiring to sell or transfer their ownership.

These business owners a Read More >>

Dennis Dlugosz, CPA shares his experience with retirement planning and offers sound advice:

 

 

Not long ago, I was like most Americans who start saving for retirement. My mindset was, “It is so far away- why worry now?” Now, working with businesses and individuals and witnessing my parents’ retirement, I can clearly see that starting early and knowing your options is the best advice to secure your future retirement.

We at Corrigan Krause work frequently with clo Read More >>

Looking for a way to shelter some income for your key employees? Al Harsar has information on setting up a nonqualified deferred compensation arrangement:

 

 

A plan that provides for deferral of compensation is potentially subject to Code Section 409A. Section 409A of the Internal Revenue Code allows for certain non-qualified deferred compensation arrangements to be taxed at a later date to the recipients when the monies are actually eligible to be received, Read More >>

Al Harsar, CPA gives tips for tax-free retirement savings:

 

 

Saving for retirement is a no-brainer. But, wouldn’t you like to earn your retirement money on a tax-free basis? As a taxpayer, you have that option by using the benefits of a Roth IRA to save for your retirement.  Here’s how it works:

  1. Contributions to a Roth can be made with after-tax dollars, the benefit being that you pay no taxes on the appreciation when you withdraw from the Roth IRAs in the future.
  2. Ther
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Hank Gingerich, CPA advises on the various options of inherited IRAs:

 

 

When inheriting an IRA, a surviving spouse has several options. He or she can remain the beneficiary of the account. As an alternative, if the spouse is the sole beneficiary, he or she can instead treat the inherited IRA as his or her own.

If there are multiple beneficiaries, the account can be divided up so the spouse’s share is in its own account. When a spouse makes this decision, the IRA Read More >>