The laws regarding IRAs are very complex. Even more complex are the laws dealing with trusts as beneficiaries of IRA accounts. The rules are so complicated you probably don’t want to even mess with them unless you are dealing with…
Earlier in the month I pointed out an article on the subject of if the IRS can take away your IRA. For some reason people seem to be astounded and incensed the IRS can take away their retirement plan. Keep…
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…
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…
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…
Yesterday I talked about how Roth conversion features are considered a revenue raiser by Congress. Today the Joint Committee on Taxation, the congressional body that provides tax advice, issued a report on the tax effects of the new legislation. In…
Today The Small Business Jobs Act of 2010 was passed by the Senate. Its virtually assured to pass the house next week. One of the provisions of the Act is to allow participants in a retirement plan to convert their balances over…
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…
Back in my stockbroker days, I had a client come in for financial advice for her IRA. When I asked her what the IRA was invested in, she told me the friendly lady from the bank said a muni bond…
In my previous posts I commented how in a recent survey, people said they liked the benefits of an annuity, but if you used the word, annuity, people freaked out. It appears the Department of Labor has the same opinion.…