Inherited IRAs and Bankruptcy, what is THE LAW?

The other day I was talking with a friend, and they told me they were a bit irritated at their CPA.  It seems my friend asked the CPA a “basic” tax question and the CPA said they were going to have to research the subject and of course charge my friend for the research. My Read more about Inherited IRAs and Bankruptcy, what is THE LAW?[…]

Supercharge your Roth IRA

When you start talking about Roth IRAs, people start salivatating.  The reason is earnings grow in a completely tax free environment within the Roth.  Because of the completely tax free treatment there are all sorts of “interesting” concepts being promoted by professional advisors on how to supercharge your Roth. The challenge is these ideas create a Read more about Supercharge your Roth IRA[…]

IRA Rollover Fixes II

Every morning I get updates on the latest rulings and changes to the tax code.  More and more it seems that requests to fix failed IRA rollovers are taking over the IRS update world. My guess is 2 factors are contributing to the large number of rulings: 1.  People are getting older and thus needing Read more about IRA Rollover Fixes II[…]

Roth 401k Conversions Pt II

Yesterday I talked about how Roth conversion features are considered a revenue raiser by Congress. Today they released proof of the fact in the form of a report issued by the Joint Committee on Taxation, estimated budget effects.  According to government accounting, the ability to convert traditional 401k balances to Roth balances should raise 2.1 Read more about Roth 401k Conversions Pt II[…]

Does Wall Street own the Senate?

Captain Obvious here. Yesterday it was announced that Elizabeth Warren would be appointed as a “special advisor” to the President.  This was an interesting twist as there was heavy speculation she would be appointed as the head of the new consumer protection bureau being created. However Senate approval is required for the new head of Read more about Does Wall Street own the Senate?[…]