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IRS Delays Payout Rules for Inherited IRAs

On Friday the Internal Revenue Service announced it would continue to delay enforcing relatively new rules for inherited retirement accounts.  The result of the delay is that some accountholders will be able to forgo taking a distribution for 2023. Prior to 2019 people who inherited retirement accounts could “stretch” distributions over their lifetimes.  In 2019 [...]

FAFSA Changes

Yesterday marked the end of the public comment period on the revised Free Application for Federal Student Aid.  The form is traditionally available Oct 1st but given what the Department of Education called the “most ambitions and significant redesign…in decades” we shouldn’t expect to see it until Dec. One of the main goals of the [...]

Where The Feds Can(‘t) Spend Money – 1965 v 2021

A deep dive into the OMB’s Historical Tables shows some interesting changes in federal mandatory v. discretionary spending when comparing 1965 to today: Mandatory spending has more than doubled.  Social Security and Medicare are the drivers. Defense spending has been reduced by about 75%.  The Bush/Thatcher peace dividend? Discretionary spending currently stands at a paltry [...]

Who Are the New Investors?

From 10/26/20 - 11/13/20 the FINRA Investor Education Foundation surveyed about 1,300 households. the typical new investment account was opened by individuals age 45 and younger the top reasons for investing include saving for old age (~17%) and the ability to start with smaller sums of money (~16%) the least popular reasons for investing include [...]

IRS Permits Flex Spending Accounts Carryover

Flexible Spending Accounts (“FSAs”) are a popular means for employees to pay for medical/dependent care expenses using pre-tax funds. Funds that are unused in a given plan year are generally forfeited.  Thanks to recent guidance from the IRS that’s about to change – at least temporarily. Notice 2021-15 details the relief offered under December 2020’s [...]

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