A recent U.S. Supreme Court ruling provides much needed guidance on the issue of whether bankruptcy protection is afforded to inherited IRAs. While the bankruptcy protection afforded to ERISA qualified plans (as well as contributory and rollover IRAs) is clear the protection given to inherited IRAs hadn't been as well-defined. In Clark, et ux v. Rameker the U.S. Supreme Court [...]
Apparently the IRS is too busy administering Obamacare and auditing non-profits with Tea Party ties to notice their literature is inaccurate.
One of the most attractive features of the Roth - the ability to avoid Required Minimum Distributions ("RMDs") - is under attack by the Obama White House. Under the clever euphemism of "harmonizing Roth RMD rules with other retirement accounts" President Obama's fiscal 2015 budget calls for a provision that would require Roth IRAs to [...]
The Internal Revenue Service's audits of individual income tax returns in fiscal 2013 reached a decade low. Less than one of every one hundred returns (0.96% to be precise) was audited. The agency has lost $1 billion in funding and 8,000 employees over the past three years which may help explain fewer audits. Similarly there [...]
Last week President Obama chided businesses for discriminating against the long-term unemployed. Today the Congressional Budget Office announced the results of a projection that Obamacare will reduce the number of hours worked to be the equivalent of two million full-time jobs. Just can't make this stuff up!
On Sunday America will celebrate its unofficial national holiday - the Super Bowl. Somewhere between the GoDaddy and Bud Light commercials the Broncos and Seahawks will battle to see which team can score the most points over a span of 60 minutes. Rumors abound the NFL will introduce a new rule this year. At some [...]
Uncle Sam bailed out the auto industry. Huge financial failure. The American taxpayer lost billions of dollars. Uncle Sam bailed out the banking industry. Huge financial success. The American taxpayer earned billions in profits. Next in line is the health insurance industry. Poorly drafted legislation, poor implementation and now a rewrite without legislation will once again [...]
The IRS has issued its 2014 optional standard mileage rates to calculate deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning 1/1/14 the standard mileage rates for the use of a car, van, pickup or panel truck will be: $0.56/mile for business purposes $0.235/mile for medical or moving purposes $0.14/mile in service [...]
When we do income tax planning for our clients one of the most frustrating aspects is YE mutual fund distributions. Each year mutual funds distribute to shareholders a pro rata portion of net realized gains and interest/dividends. Early each year the best we can provide our clients with is a guesstimate based upon a fund's [...]
With apologies to David Letterman and Casey Kasem here are the top six reasons that motivate people to make charitable gifts according to an article by Alexandra P. Brovey - Senior Director of Gift Planning at North Shore-Long Island Jewish Health System Foundation in Great Neck, NY: 1. Gratitude A large number of gifts are motivated by gratitude. Donors are quick [...]