This document provides a high-level summary of selected tax rules and annual limits that relate to certain retirement plans. It outlines maximum contribution and benefit limits for 401(k), IRA, and other types of retirement plans for the years 2017-2013. It also includes a retirement plan annual calendar that lists important deadlines for establishing plans, filing forms, providing notices to participants, and making contributions or elections. Key dates include deadlines for IRS filings, participant disclosures, testing requirements and corrections. The document is intended as a helpful reference but readers are advised to confirm details with a tax advisor.
A Highlighted Analysis of Proposed Section 965 RegulationsCitrin Cooperman
This document summarizes key aspects of proposed regulations related to Section 965 of the tax code. Some highlights include:
- The definition of a specified foreign corporation and how ownership is determined.
- How accumulated post-1986 deferred foreign income is calculated, including reductions for distributions, foreign taxes, and deficits.
- Rules for determining a deferred foreign income corporation and earnings and profits deficit foreign corporation.
- How the aggregate foreign cash position is measured across multiple cash measurement dates.
- Rules around foreign tax credits, installment payments, acceleration events, and S corporation shareholder deferral elections.
Fiduciary Protection: Is Your Retirement Plan Ready for a DOL or IRS Audit?Citrin Cooperman
The document discusses retirement planning challenges presented by the COVID-19 pandemic. It notes that the pandemic severely impacted many businesses, leading to high unemployment. While testing and cases have improved, there is still uncertainty around reopening plans and potential summer spikes. The stock market rebounded from initial declines but volatility remains. The document provides tips for retirement plan participants and sponsors, such as maintaining a diversified portfolio and long-term focus during volatile times. It emphasizes continuing retirement contributions where possible.
BKMSH Facts and Principles in Accounting Income TaxesMojoFinancial
This document discusses accounting for income taxes in accordance with ASC 740. ASC 740 aims to identify payable or refundable current year taxes and recognize the tax consequences of future deferred tax liabilities and assets by recording them on the company's balance sheet. It applies to domestic and foreign entities preparing financial statements under U.S. GAAP. ASC 740 requires computing book income under GAAP, taxable income under tax code rules, and any temporary or permanent differences between book and tax income to determine the current and deferred tax provision.
Session 2 - Scott Showalter, FASAB, United StatesOECD Governance
This presentation was made by Scott Showalter, FASAB, United States, at the 18th Annual Meeting of OECD Senior Financial Management and Reporting Officials held at the OECD Conference Centre, Paris, on 1-2 March 2018
NFL Player Retirement Report | Union Financial PartnersAnn Terranova
The NFL Retirement Report from Union Financial Partners provides a comprehensive and concise overview of the NFL Player Retirement Plan. A detailed description of the four individual plans explains what you need to know in terms of contributions and distributions, tax aspects of the plan, investment performance and expenses, and planning opportunities. The NFL Retirement Report concludes with six sensible strategies that can be applied to help you create a lifetime of financial success for you and your family.
The Tax Cuts and Jobs Act has now passed, which enacts the biggest tax reform law in thirty years. Citrin Cooperman's Federal Tax Policy Team recently hosted a webinar discussing what you need to know to begin planning and steps you can be taking to be prepared. The conversation focused on the following key areas:
Business
Corporate
Pass-Through Entities
International
Individuals
State and Local Implications
This document discusses options for 401(k) plans when changing employers, including cashing out the plan which results in taxes and penalties, leaving the assets in the previous employer's plan, rolling over to a new employer's 401(k) plan, or rolling over to an IRA. Rolling over the funds avoids taxes and penalties and allows the money to continue growing tax-deferred. However, rollovers to an employer plan may have limited investment options while an IRA rollover provides more flexibility but requires reinvesting the funds and paying fees. The document also explains the difference between direct and indirect rollovers.
A Highlighted Analysis of Proposed Section 965 RegulationsCitrin Cooperman
This document summarizes key aspects of proposed regulations related to Section 965 of the tax code. Some highlights include:
- The definition of a specified foreign corporation and how ownership is determined.
- How accumulated post-1986 deferred foreign income is calculated, including reductions for distributions, foreign taxes, and deficits.
- Rules for determining a deferred foreign income corporation and earnings and profits deficit foreign corporation.
- How the aggregate foreign cash position is measured across multiple cash measurement dates.
- Rules around foreign tax credits, installment payments, acceleration events, and S corporation shareholder deferral elections.
Fiduciary Protection: Is Your Retirement Plan Ready for a DOL or IRS Audit?Citrin Cooperman
The document discusses retirement planning challenges presented by the COVID-19 pandemic. It notes that the pandemic severely impacted many businesses, leading to high unemployment. While testing and cases have improved, there is still uncertainty around reopening plans and potential summer spikes. The stock market rebounded from initial declines but volatility remains. The document provides tips for retirement plan participants and sponsors, such as maintaining a diversified portfolio and long-term focus during volatile times. It emphasizes continuing retirement contributions where possible.
BKMSH Facts and Principles in Accounting Income TaxesMojoFinancial
This document discusses accounting for income taxes in accordance with ASC 740. ASC 740 aims to identify payable or refundable current year taxes and recognize the tax consequences of future deferred tax liabilities and assets by recording them on the company's balance sheet. It applies to domestic and foreign entities preparing financial statements under U.S. GAAP. ASC 740 requires computing book income under GAAP, taxable income under tax code rules, and any temporary or permanent differences between book and tax income to determine the current and deferred tax provision.
Session 2 - Scott Showalter, FASAB, United StatesOECD Governance
This presentation was made by Scott Showalter, FASAB, United States, at the 18th Annual Meeting of OECD Senior Financial Management and Reporting Officials held at the OECD Conference Centre, Paris, on 1-2 March 2018
NFL Player Retirement Report | Union Financial PartnersAnn Terranova
The NFL Retirement Report from Union Financial Partners provides a comprehensive and concise overview of the NFL Player Retirement Plan. A detailed description of the four individual plans explains what you need to know in terms of contributions and distributions, tax aspects of the plan, investment performance and expenses, and planning opportunities. The NFL Retirement Report concludes with six sensible strategies that can be applied to help you create a lifetime of financial success for you and your family.
The Tax Cuts and Jobs Act has now passed, which enacts the biggest tax reform law in thirty years. Citrin Cooperman's Federal Tax Policy Team recently hosted a webinar discussing what you need to know to begin planning and steps you can be taking to be prepared. The conversation focused on the following key areas:
Business
Corporate
Pass-Through Entities
International
Individuals
State and Local Implications
This document discusses options for 401(k) plans when changing employers, including cashing out the plan which results in taxes and penalties, leaving the assets in the previous employer's plan, rolling over to a new employer's 401(k) plan, or rolling over to an IRA. Rolling over the funds avoids taxes and penalties and allows the money to continue growing tax-deferred. However, rollovers to an employer plan may have limited investment options while an IRA rollover provides more flexibility but requires reinvesting the funds and paying fees. The document also explains the difference between direct and indirect rollovers.
Lease Accounting: Preparing Your Business for 2022Citrin Cooperman
Making a smooth transition to the new lease accounting standards and putting new practices in place for the future is a top priority for any business as they plan for 2022. During this webinar session, we reviewed how you can handle and prepare to navigate your business through the new lease accounting standards.
Topics included:
- What private companies should think about for 2022
- How the lease accounting standards can impact your financial
statements, financial covenants, and taxes
- Identifying opportunities for your business due to the new lease
accounting standards
High Net Worth Webinar Series - Tax Planning and Update for 2022Citrin Cooperman
As 2021 comes to an end, business owners and individuals are seeking opportunities to maximize their savings through year-end tax planning. This webinar session will help you navigate the many complexities, obstacles, and impending tax landscape changes that the 2021 tax year brings to the table and what 2022 has in store.
This document discusses church payroll compliance requirements. It states that churches are required to withhold and pay income taxes and FICA taxes for employees, unless a specific exception applies. It provides details on filing various tax forms such as Form 941, W-2, and 1099-MISC. The document also discusses accountable reimbursement plans, automobile mileage rates, record keeping requirements, and penalties for failure to comply with tax payment and filing obligations.
Ekiti State of Nigeria Report of the Auditor-General for Local Governments on the Consolidated Accounts of the Local Governments of Ekiti State, Nigeria for the year ended on the 31st of December, 2016.
Dwanah Sumo Dwanah has over 8 years of experience in federal, state, and local tax compliance and planning with major corporate tax departments. She has a Masters in Taxation and experience preparing tax returns, estimated payments, and addressing notices for many states. Dwanah also assists with tax provisions, audits, process improvements, and tax software. She is proficient in Microsoft Office, tax research tools, and ERP systems.
International tax reporting requirements relevant to U.S. persons engaged in cross-border transactions. Foreign information returns discussed include Forms 926, 5471, 5472, 8858, and 8865. The discussion focuses upon proper execution of the Forms and potential penalties for noncompliance.
View the video recording here: https://youtu.be/UyNXjUoFxYA
Learn more about Citrin Cooperman's International Tax Services here: http://bit.ly/2veYkrO
- The document appears to be a resume for Kathryn C. Shealy, CPA, who has over 25 years of experience in tax accounting, including experience preparing tax returns, managing tax compliance, and working as a corporate tax manager and controller. She has extensive experience with federal, state, and local tax filings and tax software. She is seeking a position utilizing her tax and accounting expertise.
This document is the Auditor General's report on the consolidated accounts of the 16 local governments in Ekiti State, Nigeria for the year ending December 31, 2017.
The report summarizes the financial statements and performance of each local government. It finds that budgets were unrealistic and reliance on statutory allocations was too high. Internally generated revenue was low at 1% of total revenue. Several issues were identified including unproduced revenue receipts, cash defalcations, and the state government's failure to remit the required 10% of its internally generated revenue to local governments. The report provides recommendations to address the issues identified.
This document provides information about retirement planning and outlines sources of retirement income. It discusses saving for retirement through a 401(k) plan and how pre-tax versus Roth contributions affect taxes. It shows how starting retirement savings early and the power of compound interest can help accumulate $100,000 over time. Graphs illustrate how savings and earnings grow an account balance. The document concludes by highlighting plan details such as type, trustee, vesting schedule, investments, and statement timing.
The document provides an agenda and overview for a case study on tax planning opportunities for Just Peachy, Inc. regarding a joint venture partnership (TuFFPeach), state expansion options, accounting for income taxes, and potential impacts of corporate tax reform proposals. Key topics covered include formation of an LLC vs corporation for the joint venture, establishing a subsidiary vs disregarded entity in expanding operations to two states, accounting for deferred taxes and tax credits, and modeling the effects of two hypothetical tax reform plans on Just Peachy's financials over five years.
The document provides an overview of new lease accounting standards that will require companies to recognize operating leases on their balance sheets. It discusses the key changes including bringing operating leases onto the balance sheet, transition dates, and impact on lessees and lessors. The presentation includes an example comparing the accounting treatment of a single lease under the current and new standards, demonstrating how the right-of-use asset and lease liability will be recognized for operating leases under the new rules.
The document summarizes key changes to US tax law from the Tax Cuts and Jobs Act of 2017. It discusses reductions to individual and corporate tax rates. It also outlines changes to deductions and credits for individuals, as well as new tax rules for businesses, pass-through entities, and international income.
From the current financial year 2020-21, Individuals & HUFs are having an option to select between old tax system & New Tax system to discharge their tax obligations. CBDT has recently issued a circular clarifying that employees need to intimate their respective employers regarding their choice and accordingly employer shall compute TDS. However in the absence of intimation, employer shall proceed according to existing tax system. Our tax team has explained the nuances of old and new tax system alongwith detailed comparison making the selection easy.
This document discusses accounting for income taxes. It explains the differences between accrual and cash basis accounting and how pretax financial income can differ from taxable income. It also discusses temporary versus permanent differences, deferred tax liabilities, deferred tax assets, and examples of how to calculate them. Carryforward and carryback of tax losses are explained as well as how to account for changes in future tax rates.
High Net Worth Webinar Series: SALT Thoughts - Pass-Through Entity Taxes & Re...Citrin Cooperman
During this webinar, we discussed how to potentially mitigate the impact of the state and local tax (SALT) cap at the federal level. New York State has joined the list of states that have enacted an elective pass-through entity tax in an effort to do just that. We also dove into the possibility of changing residency to a low-tax or no-tax state. With state tax rates on the rise in some places and the realization that remote work is doable, many individuals are contemplating making a move. To succeed in making a change like this, one must be aware of the technical rules and be willing to significantly adjust one’s life. We talked through all these considerations.
This document provides a summary of the 2019 tax plan and updates from a presentation given by BJ Hoffman and Michael Kline. It discusses changes to individual and business taxes from the Tax Cuts and Jobs Act. For individuals, key changes include increased standard deductions, limits on certain deductions, and changes to tax brackets. For businesses, changes include lower corporate tax rates, bonus depreciation, Section 199A deductions, and interest expense limitations. The document concludes with a question and answer section.
ASC 606, Revenue From Contracts with Customers Health Care: What to ExpectCitrin Cooperman
The document discusses the new revenue recognition standard ASC 606 and its implications for healthcare entities. It covers the core principle of recognizing revenue as performance obligations are satisfied, the five step model for applying the standard, and examples of identifying performance obligations for common healthcare services like physical exams and skilled nursing facility care. Healthcare providers will need to exercise judgment to determine how the standard applies to their various contracts with patients and third party payors.
This document outlines an accounting standard for taxes on income. It defines key terms like accounting income, taxable income, permanent differences, and timing differences. It provides an example to illustrate the treatment of deferred taxation when depreciation is treated differently for accounting and tax purposes. It also covers recognition, measurement, disclosure requirements, and transitional provisions for the standard.
This document summarizes a presentation on qualified retirement plans for advisors. It covers trends affecting the retirement plan market like changes in demographics and regulations. It also discusses tools like contribution and deduction limits for 2015. Potential traps for plans are reviewed, such as asset protection issues and delinquent form filings. Tips provided include how to define compensation for plan purposes and timing of contribution deadlines. The presentation aims to help advisors better understand retirement plans to add value for clients and grow their practices.
This document provides an overview of SIMPLE IRAs. Key points include:
- SIMPLE IRAs allow tax-deferred contributions for small businesses with 100 or fewer employees. They provide minimal paperwork and tax filing.
- Employers must make either a dollar-for-dollar match up to 3% of pay or a 2% contribution for all eligible employees earning $5,000 or more in a year.
- The maximum annual contribution limit for employees is $10,500 in deferrals and $2,500 in matching contributions. Employer contributions are immediately vested.
This webinar provided a 401(k) and pension plan accounting and auditing update for plan sponsors, including management, accountants, and Human Resource professionals. In addition, the presentation provided an update on recent Employee Retirement Income Security Act (ERISA) criminal cases, the outcomes of those cases, and the prosecution.
Lease Accounting: Preparing Your Business for 2022Citrin Cooperman
Making a smooth transition to the new lease accounting standards and putting new practices in place for the future is a top priority for any business as they plan for 2022. During this webinar session, we reviewed how you can handle and prepare to navigate your business through the new lease accounting standards.
Topics included:
- What private companies should think about for 2022
- How the lease accounting standards can impact your financial
statements, financial covenants, and taxes
- Identifying opportunities for your business due to the new lease
accounting standards
High Net Worth Webinar Series - Tax Planning and Update for 2022Citrin Cooperman
As 2021 comes to an end, business owners and individuals are seeking opportunities to maximize their savings through year-end tax planning. This webinar session will help you navigate the many complexities, obstacles, and impending tax landscape changes that the 2021 tax year brings to the table and what 2022 has in store.
This document discusses church payroll compliance requirements. It states that churches are required to withhold and pay income taxes and FICA taxes for employees, unless a specific exception applies. It provides details on filing various tax forms such as Form 941, W-2, and 1099-MISC. The document also discusses accountable reimbursement plans, automobile mileage rates, record keeping requirements, and penalties for failure to comply with tax payment and filing obligations.
Ekiti State of Nigeria Report of the Auditor-General for Local Governments on the Consolidated Accounts of the Local Governments of Ekiti State, Nigeria for the year ended on the 31st of December, 2016.
Dwanah Sumo Dwanah has over 8 years of experience in federal, state, and local tax compliance and planning with major corporate tax departments. She has a Masters in Taxation and experience preparing tax returns, estimated payments, and addressing notices for many states. Dwanah also assists with tax provisions, audits, process improvements, and tax software. She is proficient in Microsoft Office, tax research tools, and ERP systems.
International tax reporting requirements relevant to U.S. persons engaged in cross-border transactions. Foreign information returns discussed include Forms 926, 5471, 5472, 8858, and 8865. The discussion focuses upon proper execution of the Forms and potential penalties for noncompliance.
View the video recording here: https://youtu.be/UyNXjUoFxYA
Learn more about Citrin Cooperman's International Tax Services here: http://bit.ly/2veYkrO
- The document appears to be a resume for Kathryn C. Shealy, CPA, who has over 25 years of experience in tax accounting, including experience preparing tax returns, managing tax compliance, and working as a corporate tax manager and controller. She has extensive experience with federal, state, and local tax filings and tax software. She is seeking a position utilizing her tax and accounting expertise.
This document is the Auditor General's report on the consolidated accounts of the 16 local governments in Ekiti State, Nigeria for the year ending December 31, 2017.
The report summarizes the financial statements and performance of each local government. It finds that budgets were unrealistic and reliance on statutory allocations was too high. Internally generated revenue was low at 1% of total revenue. Several issues were identified including unproduced revenue receipts, cash defalcations, and the state government's failure to remit the required 10% of its internally generated revenue to local governments. The report provides recommendations to address the issues identified.
This document provides information about retirement planning and outlines sources of retirement income. It discusses saving for retirement through a 401(k) plan and how pre-tax versus Roth contributions affect taxes. It shows how starting retirement savings early and the power of compound interest can help accumulate $100,000 over time. Graphs illustrate how savings and earnings grow an account balance. The document concludes by highlighting plan details such as type, trustee, vesting schedule, investments, and statement timing.
The document provides an agenda and overview for a case study on tax planning opportunities for Just Peachy, Inc. regarding a joint venture partnership (TuFFPeach), state expansion options, accounting for income taxes, and potential impacts of corporate tax reform proposals. Key topics covered include formation of an LLC vs corporation for the joint venture, establishing a subsidiary vs disregarded entity in expanding operations to two states, accounting for deferred taxes and tax credits, and modeling the effects of two hypothetical tax reform plans on Just Peachy's financials over five years.
The document provides an overview of new lease accounting standards that will require companies to recognize operating leases on their balance sheets. It discusses the key changes including bringing operating leases onto the balance sheet, transition dates, and impact on lessees and lessors. The presentation includes an example comparing the accounting treatment of a single lease under the current and new standards, demonstrating how the right-of-use asset and lease liability will be recognized for operating leases under the new rules.
The document summarizes key changes to US tax law from the Tax Cuts and Jobs Act of 2017. It discusses reductions to individual and corporate tax rates. It also outlines changes to deductions and credits for individuals, as well as new tax rules for businesses, pass-through entities, and international income.
From the current financial year 2020-21, Individuals & HUFs are having an option to select between old tax system & New Tax system to discharge their tax obligations. CBDT has recently issued a circular clarifying that employees need to intimate their respective employers regarding their choice and accordingly employer shall compute TDS. However in the absence of intimation, employer shall proceed according to existing tax system. Our tax team has explained the nuances of old and new tax system alongwith detailed comparison making the selection easy.
This document discusses accounting for income taxes. It explains the differences between accrual and cash basis accounting and how pretax financial income can differ from taxable income. It also discusses temporary versus permanent differences, deferred tax liabilities, deferred tax assets, and examples of how to calculate them. Carryforward and carryback of tax losses are explained as well as how to account for changes in future tax rates.
High Net Worth Webinar Series: SALT Thoughts - Pass-Through Entity Taxes & Re...Citrin Cooperman
During this webinar, we discussed how to potentially mitigate the impact of the state and local tax (SALT) cap at the federal level. New York State has joined the list of states that have enacted an elective pass-through entity tax in an effort to do just that. We also dove into the possibility of changing residency to a low-tax or no-tax state. With state tax rates on the rise in some places and the realization that remote work is doable, many individuals are contemplating making a move. To succeed in making a change like this, one must be aware of the technical rules and be willing to significantly adjust one’s life. We talked through all these considerations.
This document provides a summary of the 2019 tax plan and updates from a presentation given by BJ Hoffman and Michael Kline. It discusses changes to individual and business taxes from the Tax Cuts and Jobs Act. For individuals, key changes include increased standard deductions, limits on certain deductions, and changes to tax brackets. For businesses, changes include lower corporate tax rates, bonus depreciation, Section 199A deductions, and interest expense limitations. The document concludes with a question and answer section.
ASC 606, Revenue From Contracts with Customers Health Care: What to ExpectCitrin Cooperman
The document discusses the new revenue recognition standard ASC 606 and its implications for healthcare entities. It covers the core principle of recognizing revenue as performance obligations are satisfied, the five step model for applying the standard, and examples of identifying performance obligations for common healthcare services like physical exams and skilled nursing facility care. Healthcare providers will need to exercise judgment to determine how the standard applies to their various contracts with patients and third party payors.
This document outlines an accounting standard for taxes on income. It defines key terms like accounting income, taxable income, permanent differences, and timing differences. It provides an example to illustrate the treatment of deferred taxation when depreciation is treated differently for accounting and tax purposes. It also covers recognition, measurement, disclosure requirements, and transitional provisions for the standard.
This document summarizes a presentation on qualified retirement plans for advisors. It covers trends affecting the retirement plan market like changes in demographics and regulations. It also discusses tools like contribution and deduction limits for 2015. Potential traps for plans are reviewed, such as asset protection issues and delinquent form filings. Tips provided include how to define compensation for plan purposes and timing of contribution deadlines. The presentation aims to help advisors better understand retirement plans to add value for clients and grow their practices.
This document provides an overview of SIMPLE IRAs. Key points include:
- SIMPLE IRAs allow tax-deferred contributions for small businesses with 100 or fewer employees. They provide minimal paperwork and tax filing.
- Employers must make either a dollar-for-dollar match up to 3% of pay or a 2% contribution for all eligible employees earning $5,000 or more in a year.
- The maximum annual contribution limit for employees is $10,500 in deferrals and $2,500 in matching contributions. Employer contributions are immediately vested.
This webinar provided a 401(k) and pension plan accounting and auditing update for plan sponsors, including management, accountants, and Human Resource professionals. In addition, the presentation provided an update on recent Employee Retirement Income Security Act (ERISA) criminal cases, the outcomes of those cases, and the prosecution.
The purpose of Roth IRA conversions as it relates to NIIT is to lower modified adjusted gross income (MAGI) below the threshold amount over the long-term. Some benefits of Roth conversions include lower overall taxable income, tax-free compounding, no required minimum distributions at age 70 ½, tax-free withdrawals for beneficiaries, and more effective funding of the “bypass trust”. Converting to a Roth IRA creates opportunities to reduce the overall size of the estate and to take advantage of greater tax-free yields and favorable tax attributes. Bob Keebler walks you through the mathematics of conversion through examples, tactical considerations, and a four-step process for Roth conversion planning.
This document discusses deferred compensation plans for non-profit organizations. It defines deferred compensation plans and describes the main types: 457(b) and 457(f) plans. 457(b) plans allow executives to defer compensation until retirement and have contribution limits and required minimum distributions. 457(f) plans have no limits or restrictions. The document recommends a "bottom up" funding approach and provides guidance on reporting deferred compensation on Form 990 and Schedule J based on vesting. It provides contact information for Grant Thornton professionals who can provide additional details on compensation and benefits for non-profits.
Small business owners have several options for establishing a retirement plan for their employees. The document discusses the need for retirement planning and outlines various plan types including defined benefit pensions, 401(k) plans, SEP-IRAs, and SIMPLE IRAs. It provides details on eligibility requirements, contribution limits, tax benefits and administration considerations for small business retirement plans. UBS Financial Services can help business owners evaluate their options and set up a plan that meets their needs.
Conduent pw c_web june 2017 (revised deck 6-21-17(mary m)Carol Buckmann
This document provides an overview and update on Form 5500 filing requirements for the 2016 filing season. It discusses the purpose and content of Form 5500 filings, who is required to file, deadlines, extensions, penalties for late filings, and changes for the 2016, 2017, and future 2019 forms. Key points include that Form 5500 is the annual report for employee benefit plans used by DOL, IRS, and PBGC for research and enforcement. It must be signed by the plan administrator and includes financial, participant, and compliance information. The filing deadline is 7 months after the plan year end, with possible extensions.
This document provides a summary of contribution limits for various retirement accounts in 2018, including Traditional and Roth IRAs, SEPs, SIMPLEs, Individual(k)s, HSAs, and Coverdell ESAs. The main points covered are:
- Traditional and Roth IRA contribution limits are $5,500 each ($6,500 if over age 50) and phase out at higher income levels
- SEP, SIMPLE, and Individual(k) plans allow for higher contribution limits up to $55,000 but have additional eligibility requirements
- HSAs allow contributions up to $3,450 individual/$6,900 family and grow tax-free if used for medical expenses
- Coverdell
Rollovers: the impact it can have on your retirementAndrew Leeman
While leaving your money in your former employer's plan may be an option, one way to gain more control of your assets is to consolidate your retirement funds into a single individual retirement account (IRA). Email me with any questions: aleeman@ft.newyorklife.com
IntroductionComment by Exploring Series This is listed as a Head.docxvrickens
Introduction Comment by Exploring Series: This is listed as a Heading 2, but it should be Heading 1. Please change this heading to a Heading 1 style.
It is never too early to save for your retirement. For a start, you can estimate the amount that you need to have before you can retire comfortably using financial calculators found on sites such as CNN Money, Kiplinger, Motley Fool, and TIAA-CREF financial services. The good part is, there are many different types of retirement plans that you can participate, individually or with your employers. To help you save for retirement, there are many government-regulated and government-approved retirement accounts that you can contribute a certain amount to annually. Why should you enroll in a retirement plan NOWnow? Did you know that your retirement can last for 30 years or more? A common rule to follow is that a retiree will need up to 80% of his/her annual income today to retire comfortably. Unfortunately, the average benefit amount paid monthly by the Social Security Administration is only $1,177.
Below are many advantages why you should start saving NOWnow:
· Tax on employee and employer contributions is deferred until distributed.
· Investment gains in the plan are not taxed until distributed.
· Retirement assets can be carried from one employer to another.
· Contributions can be made easily through payroll deduction.
· Saver’s Credit is available.
· Flexible plan options are available.
· Better financial security at retirement.
Future Retirement Savings Value - Assuming 6% annual return Comment by Exploring Series: You need to insert a caption for this table and the next table.
Monthly Savings
5 years
15 years
20 years
$50
$3,506
$14,614
$23,218
$200
$14,024
$58,456
$92,870
$500
$35,059
$146,136
$232,176
Source: http://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/Retirement-Topics-Benefits-of-Saving-Now
A contribution is defined as the amount that an employee and an employer can put into a retirement plan. There are, however, varying limits on how much we (including both employers and employees) can contribute to any of the retirement plan. Each plan has its own rules and criteria, and must specifically state that contributions or benefits cannot exceed certain limits. Employees can participate in contributions via salary reduction. Employers can match employees’ contributions or contribute outright a certain amount into the employees’ retirement account.
Traditional Individual Retirement Arrangements (IRAs) Comment by Exploring Series: Please change all headings formatted with Heading 3 to Heading 2 style.
There are two major kinds of IRAs – traditional and Roth. A traditional IRA is a way to save for retirement that gives you tax advantages. It allows you to make tax-deferred investments to provide financial security when you retire. Your traditional IRA contributions may be tax-deductible. The deduction may be limited if you or your spouse is covered by a retirement pla ...
SterlingRisk and Stacy Barrow Present - Surviving a DOL AuditNicholas Toscano
Hosted by SterlingRisk and Presented by Stacy Barrow, Esq. from Marathas Barrow Weatherhead Lent LLP
Stacy Barrow, one of the nation's leading experts on the Affordable Care Act covered the following:
- Preparing for and avoiding a DOL Audit
- Navigating a DOL Audit
- ERISA
- Forms Reporting
- Checklist of Commonly Requested Documents
- DOL Enforcement
The document summarizes key tax law provisions for individuals and small businesses from the Tax Increase Prevention Act of 2014. It outlines changes to income tax rates, capital gains taxes, the additional net investment tax, alternative minimum tax exemptions, itemized deductions limits, estate tax exemptions, education credits, and the small business health care tax credit. It provides examples to illustrate how the new laws may impact taxpayers.
The document provides an overview of federal tax updates for 2014, including key numbers and thresholds that increased for the year. It also discusses expiring tax provisions known as "tax extenders" that Congress typically extends in short-term increments. Additionally, it outlines serious challenges facing the IRS in 2014, such as reduced funding leading to decreased taxpayer services and collection efforts. New IRS leadership and several final regulations on tangible property, net investment income, and bonus payments are also summarized.
LAR Pensions helps clients design retirement plans that meet their specific needs by analyzing existing plans, selecting appropriate provisions, drafting plan documents, and ensuring compliance with testing and filing requirements through the annual administration process. Their eight step process includes establishing meetings, preparing documentation, choosing a financial institution, collecting necessary data, performing contribution allocations and discrimination testing, preparing valuation reports, filing IRS forms, and distributing funds to terminated employees.
Are you involved with the management of a 401(k) plan that is required to have an audit conducted? Please join Danielle Gisondo, CPA, Marilea Campomizzi, CPA and Rebecca Ferris, CPA for a presentation on what to expect the first time your plan needs an audit and what you should be doing now for an easy audit.
Eye on Washington: Quarterly Business Tax UpdateCBIZ, Inc.
1) The Supreme Court ruled that Section 3 of the Defense of Marriage Act (DOMA) was unconstitutional. This means that same-sex couples who are legally married must now be treated the same as opposite-sex married couples for federal tax purposes.
2) The IRS delayed the employer mandate provision of the Affordable Care Act until 2015. However, other ACA provisions such as mandatory employee notices remain in effect.
3) The Senate Finance Committee plans to start tax reform discussions with a "blank slate" - a tax code without any deductions or credits. Senators will then propose which provisions should be added back.
COVID-19: The Impact on Retirement PlansCBIZ, Inc.
As COVID-19 continues to impact the stock market and organizations around the world, we understand that you have concerns about how recent market fluctuations may affect your retirement plan. What you should know is that there are options you may have to minimize these effects on your business and your employees. We’ve developed a summary of these complex issues in this whitepaper. You will learn about:
- Impacts to both defined benefit plans and defined contribution plans
- Potential options for your organization to minimize negative effects on your business and your employees
- Legislative updates from the CARES Act
- Important considerations and actions to take next
Netwealth educational webinar - What will the 2017 Federal Budget mean for you?netwealthInvest
Netwealth's Technical Services team discuss how this year's Budget announcement may impact you and your clients, and provide you some key strategic considerations.
Join us to learn more about how tax reform impacts nonprofits across the industry. By Congress approving the H.R. 1 Tax Cuts and Jobs Act, it significantly alters the U.S. tax code.
Super Caps are coming soon, great investment alternatives are already here. Sarah McGavin
View our presentation on how an investment bond can help you grow your clients’ wealth and be a complement to superannuation, presented by National Strategy Manager, Greg Bird.
Similar to 2017 Retirement Plan Contribution Limits and Key Dates (20)
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2017 Retirement Plan Contribution Limits and Key Dates
1. Neither Merrill Lynch nor any of its affiliates or financial advisors provide legal, tax or accounting advice. You should consult your legal and/or tax advisors
before making any financial decisions.
For plan sponsor use only.
Bank of America Merrill Lynch is a marketing name for the Retirement Services business of Bank of America Corporation (“BofA Corp.”). Banking activities may be performed
by wholly owned banking affiliates of BofA Corp., including Bank of America, N.A., member FDIC. Brokerage services may be performed by wholly owned brokerage affiliates of
BofA Corp., including Merrill Lynch, Pierce, Fenner Smith Incorporated (“MLPFS”), a registered broker-dealer and member SIPC.
Investment products:
Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value
RETIREMENT BENEFIT PLAN SERVICES
The tax information provided below is a high-level summary of selected tax rules that relate to certain retirement plans. The rules are
highly complex and exceptions may apply (only certain of which are addressed in this publication). In using this summary, you should
confirm with a tax advisor whether and how the rules noted below apply to your particular circumstances.
Selected annual maximum benefit and contribution limits are outlined below:
Maximum Benefit/Contribution Limit
2017 2016 2015 2014 2013
Combined regular pre-tax and Roth 401(k) contributions to a
401(k)
$18,000 $18,000 $18,000 $17,500 $17,500
Annual catch-up contributions for 401(k) plans (which, if plan permits,
allow anyone age 50 or older during the calendar year to make an
additional contribution to help make up for the smaller contributions
they have made earlier in their career)
$6,000 $6,000 $6,000 $5,500 $5,500
Maximum compensation for benefit accruals under 401(a)(17) $270,000 $265,000 $265,000 $260,000 $255,000
Annual additions/benefit accruals 415 limits (limitation year
limit). Note: Annual additions include both employee and employer
contributions and forfeitures
Defined Contribution (the lesser of 100% of compensation or
the dollar limit noted)
$54,000 $53,000 $53,000 $52,000 $51,000
Defined Benefit (the lesser of 100% of average compensation
for 3 highest years or the dollar limit noted)
$215,000 $210,000 $210,000 $210,000 $205,000
Highly-compensated employee threshold $120,000 $120,000 $120,000 $115,000 $115,000
Roth and Traditional IRA contribution limits (generally the lesser of
100% of earned income or the dollar limit noted) (may be eligible to
make $1,000 catch-up contribution if you will turn 50 or over during
the calendar year) (Roth IRA contributions subject to phase out)
$5,500 $5,500 $5,500 $5,500 $5,500
SIMPLE IRA/401(k) elective deferrals (if age 50 or over during the
calendar year, may be eligible to make catch-up contributions)
$12,500 $12,500 $12,500 $12,000 $12,000
Key employee compensation threshold $175,000 $170,000 $170,000 $170,000 $165,000
Social Security wage base $127,200 $118,500 $118,500 $117,000 $113,700
For key dates and important deadlines, see the retirement plan annual calendar on the next page.
Annual Contribution Limits
and Retirement Plan Calendar
For additional information about contribution limits, please contact your Bank of America Merrill Lynch representative, consult your legal
or tax advisor, or visit www.irs.gov.
Phil Zimmerman, CFP
(610) 971-6281
philip_zimmerman@ml.com
2. Retirement plan annual calendar (based on December 31 plan year end and calendar year taxpayer)
The following key dates mark important deadlines to keep in mind for establishing plans, filing necessary forms, providing notices and making
contributions, elections or changes to employer-sponsored tax-qualified retirement plans. These deadlines generally apply to single-employer
401(a) profit-sharing and 401(k) plans; defined benefit plans and other types of retirement plans, such as 403(b) plans, have different rules.
For any IRS filing deadline that falls on a weekend or legal holiday, the next business day following such weekend or holiday is noted in the
calendar (special rules may apply for certain state holidays). If any non-IRS filing or any other deadline falls on a weekend or holiday, the last
business day prior to such deadline is noted in the calendar, except where the item could possibly be completed on a weekend or holiday.
Deadlines identified in this calendar are subject to changes and extensions throughout the year by the relevant government agency. This
calendar is intended to provide helpful dates but is not an exhaustive list of all important dates or filing deadlines applicable to all retirement
plans. The rules governing these deadlines are complex and exceptions may apply (only certain of which are addressed in this publication).
You should consult your tax or legal advisor for deadlines applicable to your plan and circumstances.
1st
Quarter 2017
January 1 • Generally, quarterly and semi-annual participant entry date
January 31 • Deadline to provide IRS Form 1099-R to participants and generally the deadline to provide IRS Form 945 to the IRS
February 14 • Deadline to provide plan participant statements to participants with participant-directed accounts for quarter ending 12/31/2016
March 15 • Federal S Corporation tax-filing deadline (IRS Form 1120S)
• General IRS deadline to request a six-month extension to file a federal S Corporation income tax return
• General S Corporation deadline to make profit sharing contributions for 2016 and receive a deduction for 2016, unless a tax-filing
extension applies
• Generally applicable deadline to complete actual deferral percentage (ADP) or actual contribution percentage (ACP) testing and
correct failures without incurring a 10% excise tax on excess contributions
2nd
Quarter 2017
April 1 • Deadline for participants taking first required minimum distribution (RMD) to receive distribution for 2016
• Generally, quarterly participant entry date
April 18 • Federal C Corporation tax filing deadline (IRS Form 1120)
• General IRS deadline to request a five-month extension to file a federal C Corporation income tax return
• General C Corporation deadline to make profit sharing contributions for 2016 and receive a deduction for 2016, unless a tax-filing
extension applies
May 15 • Deadline to provide plan participant statements for participant-directed accounts for quarter ending 3/31/2017
June 30 • General deadline to complete ADP/ACP testing failures for plans with eligible automatic contribution arrangements and correct
failures without incurring a 10% excise tax on excess contributions.
3rd
Quarter 2017
July 1 • Generally, quarterly and semi-annual participant entry date
July 29 • Deadline to notify participants of 2016 plan amendments with an updated Summary Plan Description (SPD) or summary of
material modifications
July 31 • General deadline to file IRS Form 5500 and Form 8955-SSA, unless Form 5558 has been filed by that date, providing a 2½ month
extension, or an automatic extension applies
August 14 • Deadline to provide plan participant statements for participant-directed accounts for quarter ending 6/30/2017
September 15 • General corporate tax-filing deadline (IRS Form 1120), if an extension Form 7004 was filed by the original tax-filing deadline
• General corporate employer contribution deadline for most profit sharing contributions, if a tax-filing deadline extension was filed
by the original tax-filing deadline
• Deadline to file IRS Form 5500 and Form 8955-SSA, if certain automatic extensions apply
September 30 • Provide Summary Annual Report (SAR) to participants and beneficiaries (for plans not on a Form 5500 filing extension)
For plan sponsor use only.