HEADLINE: The IRS has postponed for 2024 required minimum distributions (“RMDs”) for non-spouse beneficiaries of inherited IRAs. Details here. DETAIL: In legislation passed by Congress in 2019 non-spouse beneficiaries of IRAs would need to zero out accounts within 10 years. It was interpreted to mean that no distributions could be taken for the first nine [...]
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 [...]
The income side of fiscal policy (i.e. taxation) is always highly politicized. The song never seems to change. Republicans think everyone pays too much. Democrats think everyone pays too little. An oversimplification? Maybe. Nonetheless a basic understanding of the proposals independent of the emotionally-charged rhetoric can go a long way towards achieving Thomas Jefferson’s view [...]
As we wrote about in December 2014 the Achieving Better Life Experience (“ABLE”) was signed into law to provide a means for saving and paying for disability-related expenses. While ABLE contributions are not tax deductible distributions are tax-free to the designated beneficiary if used to pay for qualified disability expenses. Examples include: housing health, prevention [...]
What each candidate has in mind for our tax dollars:
IRA owners in mandatory distribution status need not take their Required Minimum Distributions for tax year 2020. The waiver is part of last week’s legislative action taken by Congress and signed into law by the President to provide fiscal stimulus during the COVID-19 crisis. Governmental logic (not meant as an oxymoron but…) is that without [...]
Now that the noise has died down (a bit) we've opted to say a few words.
Imitation is the sincerest form of flattery. Nice quote. Here it is in full: Imitation is the sincerest form of flattery that mediocrity can pay to greatness. Oscar Wilde I’m not about to suggest that I’m great or that Apollo clients are mediocre. I will admit, however, that it’s flattering when clients use my quotes. [...]
In today’s hypersensitive PC culture everything is a personal affront. Should Phil Jackson refer to LeBron James’ business partners as a posse Reverend Al will call for a boycott of all things NY. Posse after all is code for all things racist. Even pointing this out will get us in hot water with the Twitterverse. [...]
Ah, academia. The proverbial ivory tower. Many are flush with assets – donations, research grants, sports revenues, etc. Are they good stewards of their capital? Do they effectively leverage their knowledge to achieve superior returns? Over the past ten years not one of the 149 institutions surveyed including the wicked smaht Harvard and MIT [...]