Independent Actuaries Blog Category: Tax Implications

Sports Betting and Actuaries

On May 14th the Supreme Court voted 6-3 to strike down the Professional and Amateur Sports Protection Act, which barred state-authorized sports betting (with the notable exception of Nevada). As a professional Actuary, and an enormous sports fan, I found … Continue reading

Tax Reform and Retirement Plans

We’re getting a lot of questions these days about how the proposed tax reform bills might impact retirement plans. For reference, this Forbes article provides a good summary and comparison of current law versus the House and Senate bills. Here … Continue reading

IRS Announces Retirement Plan Limits for 2018

The IRS has announced the new retirement plan limits for 2018. Some limits increased from 2017 to 2018, and some stayed flat. Highlights include: The compensation limit used to determine benefits and contributions for both defined benefit and defined contribution … Continue reading

Death, Taxes, and Pension Actuaries

Benjamin Franklin noted that “nothing is certain but death and taxes”. That phrase has particular irony for pension plan actuaries. While ultimately certain, we use mortality assumptions to calculate pension liabilities that in turn determine tax advantages. The mortality assumptions … Continue reading

Tips For The Self-Employed: How To Ensure A Stable Financial Future

Self-employed people aren’t always as prepared for retirement as their corporate counterparts. They don’t have their company telling them to contribute to a retirement plan that just happens to already be set up for them. Self-employed people must take the … Continue reading

Roth Opportunities in Qualified Plans

Business owners who are contributing to a Roth IRA (or are considering if they should) can realize a greater impact with the Roth features in a 401(k) plan. 401(k) plans can allow participants to defer salary as a Roth contribution … Continue reading

Consumer Financial Education: Advice from Experts on a Variety of Financial and Consumer Topics

When it comes to financial decisions such as when to start taking Social Security benefits, how to save and plan for retirement, or what types of insurance to carry, many of us have questions or wish we knew more on … Continue reading

Don’t Wait Any Longer To Set Up A Retirement Plan For 2016

Has saving money on taxes for your business been on your to-do list all year? Maybe it is left over from one or more years in the past? The end of 2016 is right around the corner, so what are … Continue reading

Discontinuing Employer Contributions and Vesting Requirements

Did you know that when employer contributions (e.g., profit sharing, safe harbor and matching contributions) to a defined contribution plan are completely discontinued, the plan’s accounts typically must be fully vested? As with all things IRS, it is important to … Continue reading

What Can You and Jeb Bush Have in Common?

A CPA acquaintance of mine recently forwarded this article to me (I had missed it when it was first published). The article reports that GOP presidential candidate Jeb Bush contributed an average of $350,000 per year into a defined benefit pension plan, … Continue reading