Independent Actuaries Blog Category: Tax Implications
Building Highways through Pension Funding Relief
As of today, it looks like the much debated H.R. 5021 – Highway and Transportation Funding Act of 2014 is finally on the brink of becoming law. What does this have to do with retirement plans? The expenditures in the … Continue reading
IRS Updates its 401(k) Plan Fix-It Guide
The IRS has updated its 401(k) Plan Fix-It Guide. You can find the Guide at http://www.irs.gov/pub/irs-tege/401k_mistakes.pdf. While the Guide’s 52 pages can seem intimidating, the first three pages contain a chart of the most common errors in plan operation. Review … Continue reading
Update: What does the Supreme Court’s DOMA ruling mean for qualified defined benefit plans?
On August 29, 2013, the IRS issued Revenue Ruling 2013-17, which addresses some, but not all, of the questions relating to the Supreme Court decision which struck down section 3 of the Defense of Marriage Act (DOMA) earlier this year. … Continue reading
DB Plans Can Address Small Business Owners’ Goals
This recent article on Forbes.com about retirement planning for small businesses has some good advice. One important thing missing, though, is how well a defined benefit (DB) plan can address common small business owners’ goals in several ways. A DB plan … Continue reading
Save My 401(k)!
If you’ve listened to radio or watched TV in the last few months, you’ve heard the term “fiscal cliff” bandied about. The fiscal cliff the politicians and pundits are describing is the expiration of a number of tax cuts at the … Continue reading
IRS Announces Pension Plan Limits for 2013
2013 is around the corner, and that means updated pension plan limitations. Last week, the IRS announced the 2013 limits, many of which will increase in 2013 due to the increase in the cost of living index. Some of the … Continue reading
Not Just Tax Deferral, Tax Avoidance
Here’s a tax-related retirement plan dynamic that often gets overlooked. When considering whether to set up a retirement plan, most business owners tend to focus on the economic impact of deferring income. However, there is a very real immediate tax … Continue reading
