| New Text Client Alerts: 2011 Tax Changes, Health-Care Reform Hoaxes - September 3, 2010 |
| New pieces summarize upcoming 2011 tax changes and clear up common misunderstandings about health-care reform. |
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| Increased FDIC Protection Now Permanent - August 25, 2010 |
| The FDIC has permanently increased its insurance of deposit accounts. |
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| President signs financial reform legislation--Text Client Alert available - July 28, 2010 |
| The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 represents an attempt to address some of the problems that contributed to the 2008 financial crisis. |
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| Interest Rates Drop Slightly on Some Federal Student Loans - July 22, 2010 |
| On July 1, 2010, the interest rates dropped on some federal student loans. The new rates are in effect through June 30, 2011. |
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| Items Worth Noting - July 14, 2010 |
| Required minimum distribution (RMD) text client alert available, Pre-existing Condition Insurance Plan (PCIP)
initiated, first-time homebuyer tax credit extended |
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| Putting Market Volatility in Perspective - July 8, 2010 |
| New Flash Client Alert offers perspective on market fluctuations. |
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| Flash Client Alert: 2010 Mid-Year Tax Considerations - June 29, 2010 |
| New Flash Client Alert discusses current opportunities and uncertainty. |
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| Market Volatility Materials Can Help With Client Questions - June 16, 2010 |
| Forefield's market volatility materials can help you manage client concerns more efficiently. |
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| New Materials Available - May 27, 2010 |
| New and recently-added materials can help you communicate with clients. |
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| High-Income Individuals Will Face New Medicare-Related Taxes in 2013 - April 29, 2010 |
| Forefield’s new Text Client Alert explains the new Medicare-related taxes enacted by the health-care reform legislation. |
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| Federal Estate Tax Remains in Flux - January 8, 2010 |
| The year 2010 is here, and what was once unimaginable is now reality; by failing to enact either permanent relief or a temporary patch, Congress has allowed the temporary, one-year estate tax repeal to take effect. |
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| COBRA Premium Subsidy Program Extended - December 30, 2009 |
| The Department of Defense Appropriations Act of 2010 extends the 65% COBRA premium subsidy to February 28, 2010. |
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| New Legislation Extends and Modifies First-time Homebuyer Tax Credit - November 12, 2009 |
| On November 6, 2009, President Obama signed into law the Worker, Homeownership, and Business Assistance Act of 2009 (the "Act"). The legislation includes changes to the first-time homebuyer tax credit. |
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| College Board Releases 2009/2010 College Cost Figures - October 29, 2009 |
| On October 20, 2009, the College Board released college cost figures for the 2009/2010 academic year in its annual Trends in College Pricing report. |
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| New Alzheimer's Report Spotlights Need to Plan Ahead for Incapacity - October 7, 2009 |
| A report just released by Alzheimer's Disease International, showing that 35 million people worldwide are living with Alzheimer's and dementia, is a grim reminder of the need to plan ahead for incapacity. |
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| IRS Allows Additional Time to Roll Over 2009 RMDs from IRAs and Employer-Sponsored Plans - October 2, 2009 |
| Taxpayers have at least until November 30, 2009, to roll over 2009 RMDs. |
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| Deadline Rapidly Approaching to Recharacterize 2008 Roth Conversions - September 30, 2009 |
| Taxpayers generally have until October 15, 2009, to recharacterize (undo) 2008 Roth conversions. |
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| Worth Noting - August 13, 2009 |
| "Cash for clunkers" receives additional funding. |
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| Appeals Court Rules SEC Must Do More Before It Can Regulate Fixed-Indexed Annuities - July 29, 2009 |
| On July 21, 2009, the United States Court of Appeals issued a decision remanding Rule 151A back to the SEC for further consideration. |
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| Interest Rates on Variable Federal Student Loans Drops to Historic Lows - July 8, 2009 |
| On July 1, 2009, the interest rates on variable federal Stafford and PLUS Loans dropped to historic lows. The new rates are in effect through June 30, 2010. |
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| The Consumer Assistance to Recycle and Save (CARS) Act of 2009 - July 2, 2009 |
| New consumer alert provides highlights of the Consumer Assistance to Recycle and Save (CARS) Act of 2009. |
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| The Basics of Build America Bonds - June 19, 2009 |
| Forefield materials can help you answer client questions about the new Build America Bonds. |
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| President Signs the Credit Card Accountability Responsibility and Disclosure Act of 2009 into Law - May 27, 2009 |
| New consumer alert provides highlights of the Credit Card Accountability Responsibility and Disclosure Act of 2009. |
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| Iowa and Vermont Legalize Gay Marriage - April 15, 2009 |
| Iowa and Vermont recently legalized gay marriage, giving same-sex couples the same rights and privileges as other married couples under state law. |
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| Estate Planning Opportunities in a Declining Market - March 25, 2009 |
| A declining market means tough times, but it also presents unique estate planning opportunities. |
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| First-time homebuyer tax credit - March 11, 2009 |
| The American Recovery and Reinvestment Act of 2009 modified and extended the first-time homebuyer tax credit, and in the process created a good deal of confusion. We can help you explain the new rules to your clients and prospects. |
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| New 529 Plan Investment Rule - February 4, 2009 |
| The IRS has issued Notice 2009-01, which grants more flexibility to 529 college savings plan investors for 2009. |
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| $3.5 Million Federal Estate Tax Exemption for 2009 Could Mean Higher State Death Taxes - January 14, 2009 |
| The federal estate tax exemption increases to $3.5 million for 2009. But for taxpayers who don’t plan appropriately, this could actually translate into an increase in state death taxes. |
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| SEC Votes to Regulate Indexed Annuities as Securities - January 7, 2009 |
| On December 17, 2008, the SEC voted, 4-1, in favor of a modified version of Rule 151A that treats certain index annuities as securities. The rule goes into effect January 12, 2011. |
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| It's Year End: Time to Review Beneficiary Designations - December 30, 2008 |
| An often overlooked but very important part of estate planning is the matter of beneficiary designations. Year end is the perfect time to remind clients to verify that their designations are as they would like them to be. |
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| Congress Passes Worker, Retiree and Employer Recovery Act of 2008 - December 18, 2008 |
| Technical corrections to 2006 Pension Protection Act overshadowed by temporary suspension of RMDs. |
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| After Tortuous Ride, IRC Section 409A Deadline Fast Approaching - December 17, 2008 |
| For most employers, IRC Section 409A-compliant documents must be adopted no later than December 31, 2008. |
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| College Board Releases 2008/2009 College Cost Figures - November 14, 2008 |
| On October 29, 2008, the College Board released college cost figures for the 2008/2009 academic year in its Trends in College Pricing Report. |
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| AMT provisions included in Stabilization Act - October 21, 2008 |
| The Emergency Economic Stabilization Act of 2008 includes another one-year AMT "patch," as well as overdue relief for some individuals who exercised incentive stock options in prior years. |
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| Stimulus Payments and October 15 Filing Deadline - October 3, 2008 |
| October 15 filing deadline for those with extensions also marks last chance to claim and receive economic stimulus payment this year. |
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| The Higher Education Opportunity Act - August 29, 2008 |
| The Higher Education Opportunity Act was signed by President Bush on August 14, 2008. The Act reauthorizes the Higher Education Act of 1965 for another six years, and includes other provisions intended to improve college affordability, access, and accountability. |
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| 529 Plan Anti-Abuse Rules Anticipated - August 20, 2008 |
| Upcoming regulations are expected to target abuse and offer clarification. |
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| New Act Provides Housing Relief - August 11, 2008 |
| The Housing and Economic Recovery Act of 2008 provides assistance to homeowners facing foreclosure and stretches a safety net under a troubled housing market. |
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| New Legislation Provides Important Benefits for Military Personnel and Unemployed Workers - July 23, 2008 |
| On June 30, 2008, President Bush signed H.R. 2642, the Supplemental Appropriations Act, 2008, which expands education benefits for veterans and extends unemployment compensation. |
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| Rising Gas Prices Prompt IRS to Raise Standard Mileage Rates - July 2, 2008 |
| The IRS has announced an increase in the optional standard mileage rates for the final six months of 2008. |
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| Suggestions for Using Stimulus Checks - June 30, 2008 |
| "The checks are in the mail" or soon will be. Here are some suggestions for how your clients might use their Economic Stimulus payments. |
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| Variable Student Loan Interest Rates Set To Decrease - June 18, 2008 |
| On July 1, 2008, the interest rates on variable federal Stafford and PLUS Loans will decrease significantly. The new rates will be in effect through June 30, 2009. |
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| Congress Passes Military Tax Relief and Farm Bill - June 11, 2008 |
| Congress passes H.R. 6081, the Heroes Earnings Assistance and Relief Tax Act, and overrides President Bush's veto to enact H.R. 2419, the Food, Conservation, and Energy Act of 2008, otherwise known as the Farm Bill. |
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| Supreme Court Okays Same-State Muni Bond Tax Exemption - June 4, 2008 |
| The U.S. Supreme Court has overturned an appellate court ruling in a case brought by the state of Kentucky. If upheld, the lower court ruling would have affected the ability of states to exempt their residents from paying taxes on that state's muni bonds. |
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| Economic Stimulus Payments Can Be Withdrawn from IRAs, Other Accounts - May 21, 2008 |
| Announcement 2008-44 provides that individuals who have Economic Stimulus payments deposited directly to IRAs or other tax-advantaged accounts can withdraw the funds without adverse tax consequences. |
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| Ensuring Continued Access to Student Loans Act of 2008 - May 16, 2008 |
| The Ensuring Continued Access to Student Loans Act of 2008 was signed by President Bush on May 7, 2008. The Act seeks to ensure that federally guaranteed student loans will be available to college students and their parents during a period of tightening credit in the student lending market. |
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| Tax Incentives Encourage Business Purchases in 2008 - May 14, 2008 |
| Bonus depreciation and enhanced expensing make 2008 a great year for businesses to purchase assets. |
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| Home Equity Lines of Credit (HELOCs) Frozen - May 7, 2008 |
| Lenders are increasingly freezing home equity lines of credit in response to the recent credit crunch. |
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| Treasury securities available in smaller denominations - April 24, 2008 |
| U.S. Treasury bills, notes and bonds are now available in $100 increments, with a minimum of $100. |
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| April 15th Is Tax Filing Deadline for Most - April 11, 2008 |
| For most individuals, Tuesday, April 15, 2008 is the due date for filing a 2007 federal income tax return. Certain individuals qualify automatically for extra time, though, and others can apply for an extension. |
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| More on Stimulus Payments - April 9, 2008 |
| A roundup of the most recent announcements, developments, and resources available. |
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| Heath Ledger story puts spotlight on need to keep will updated - March 24, 2008 |
| Heath Ledger wrote his will before he fathered a daughter with his former girlfriend, and never updated it to include them. His story serves as a grim reminder of the need to both make a will and keep it updated. |
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| IRS Issues Guidance on Rollovers from 401(k) and Other Employer Plans to Roth IRAs - March 19, 2008 |
| In Notice 2008-30 the IRS has issued guidance on the rollover of funds from 401(k) and other employer plans to a Roth IRA. |
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| Items Worth Noting - March 12, 2008 |
| Ability of retirement plan participants to sue broadened; IRS and SSA follow up on economic stimulus payments; IRS waves caution flag for 529 plans. Plus, 2008 Economic Stimulus Act concept piece is now available in Presentation Center. |
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| Need Help Answering Client Questions About Ongoing Stock Market Volatility? - February 27, 2008 |
| Forefield materials can help you address client concerns. |
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| Stimulus Bill Helps Individual Taxpayers and Small Businesses - February 20, 2008 |
| The Economic Stimulus Act of 2008 will generally provide rebate checks worth up to $600 to individuals and $1,200 for families, plus $300 per child, as well as tax breaks for small businesses. |
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| Family and Medical Leave Act Expanded to Help Families of U.S. Soldiers - February 13, 2008 |
| The first expansion of the Family and Medical Leave Act in nearly 15 years helps military families. |
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| Expanded Rollovers from 401(k) and Other Employer Plans to Roth IRAs Now Permitted - February 6, 2008 |
| The Pension Protection Act of 2006 allows direct rollovers from non-Roth 401(k) and other employer plans to Roth IRAs effective for distributions received after 2007. |
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| Zero Percent Federal Capital Gains Tax Rate Boon to Lower-Tax Bracket Investors - February 1, 2008 |
| This may be the time for some investors to cash in as the federal capital gains tax rate falls to 0% in 2008, 2009, and 2010 for taxpayers in the lowest income tax brackets. |
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| Long-Term Unused Credits under the AMT Now Easier to Take - January 16, 2008 |
| The Tax Technical Corrections Act of 2007 amends the Tax Relief and Health Care Act of 2006 to help individuals take advantage of long-term unused credits under the AMT more easily. |
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| IRS Clarifies Position on Wash Sales and IRAs - January 10, 2008 |
| Wash sales rules apply when a taxpayer sells stock or other securities for a loss, and purchases substantially similar stock or securities in an IRA (traditional or Roth) within 30 days before or after the sale. |
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| Last Minute Tax Changes: AMT Patch, Foreclosure Relief, and More - January 4, 2008 |
| While 2007 was quickly coming to a close, Congress passed a flurry of legislation that includes an AMT patch, mortgage forgiveness relief, and more. |
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| Federal Trade Commission Promises not to Drop Numbers from the National Do Not Call Registry - January 2, 2008 |
| The Federal Trade Commission has pledged not to drop any telephone numbers from the National Do Not Call Registry based on a five-year expiration period, pending final Congressional or agency action on whether to make registration permanent. |
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| New Investment Planning content on Advisor - December 5, 2007 |
| We've just added new articles and decision tools that focus on Alternative Asset Classes, plus Options, Futures, and Other Derivatives. |
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| Retirement Plans Must Provide Non-Spousal Rollover Option in 2008 - November 11, 2007 |
| Qualified retirement plans, 403(b) plans, and governmental 457(b) plans must allow non-spouse beneficiaries to roll over distributions to an individual retirement account (IRA) beginning in 2008. |
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| IRS Extends Section 409A Relief to December 31, 2008, Issues Reporting and Withholding Guidance for 2007 - November 1, 2007 |
| Section 409A final regulations will not be effective until January 1, 2009, and employers have until then to adopt compliant plan documents. |
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| New Personal Document Locator Added to Presentation Center - October 24, 2007 |
| We've just added a new Personal Document Locator to our Presentation Center that can help your clients locate important personal records quickly and easily. |
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| College Cost Reduction and Access Act of 2007 - October 4, 2007 |
| The College Cost Reduction and Access Act of 2007, which provides the single largest investment in higher education since the GI bill, was signed by President Bush on September 27, 2007. The Act's intent is to make a college education more affordable for low- and middle-income families. |
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| Worth Noting - September 27, 2007 |
| Recent developments regarding 412(i) plans, variable annuities, and 409A requirements are worth noting. |
|
| September Is Life Insurance Awareness Month - August 29, 2007 |
| Use Forefield materials to educate your clients during Life Insurance Awareness Month. |
|
| 403(b) Plans: Final Regulations Issued - August 15, 2007 |
| Final regulations include an end to "Revenue Ruling 90-24" transfers after September 24, 2007. Most changes take effect January 1, 2009. |
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| Variable Student Loan Interest Rates Set To Increase - June 20, 2007 |
| On July 1, 2007, the interest rates on variable federal Stafford and PLUS loans will increase slightly. The new rates will be in effect through June 30, 2008. |
|
| Small Business Tax Act Broadens Reach of 'Kiddie Tax' Rules - June 6, 2007 |
| The Small Business and Work Opportunity Tax Act of 2007 includes changes to the "kiddie tax" rules and an expansion of the Section 179 expensing rules for small businesses. |
|
| Uncle Sam Offers New Online Financial Aid Tool - May 30, 2007 |
| The federal government has created a new online tool called the FAFSA4caster that can help families predict whether they'll qualify for federal financial aid. |
|
| IRS Issues Final Section 409A Regulations - May 16, 2007 |
| The IRS has issued its long-awaited regulations on nonqualified deferred compensation plans governed by IRC Section 409A. |
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| IRS Provides Guidance on Pension Protection Act Provisions - April 18, 2007 |
| IRS Notices provide guidance on provisions of the Pension Protection Act of 2006, with cash balance plans and nonspouse rollovers a major focus. |
|
| Catch-Up Contributions Can Boost IRA Savings - March 27, 2007 |
| Catch-up contributions can help your clients significantly boost their IRA retirement savings. |
|
| Recent Stock Market Volatility May Prompt Client Questions - March 6, 2007 |
| Forefield's Presentation Center materials can help you reassure clients. |
|
| Tax Filing Deadline Is April 17, 2007 - February 15, 2007 |
| The IRS has announced that taxpayers have until Tuesday, April 17, 2007, to file their 2006 federal income tax returns and pay any taxes due. |
|
| Recent Law Changes Prompt IRS to Issue Special Guidance - January 24, 2007 |
| The IRS recently issued guidance to help tax filers claim the extended deductions and other tax benefits contained in the Tax Relief and Health Care Act of 2006 ( " the Act " ) on their 2006 federal income tax returns. |
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| New Jersey Allows Civil Unions - January 17, 2007 |
| New Jersey recently passed a law to allow civil unions, giving same-sex couples the same rights and privileges as married couples under state law. |
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| SEC Approves Relaxing Margin Requirements - January 10, 2007 |
| On December 12, 2006, the Securities and Exchange Commission approved new so-called portfolio margin account rules that will give broker-dealers greater flexibility in setting margin requirements. |
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| More Tax Changes: The Tax Relief and Health Care Act of 2006 - December 20, 2006 |
| With 2006 coming to a close, Congress passes new tax legislation that includes expected tax extensions and a handful of new provisions. |
|
| Celebrity Splits Highlight Role of Prenuptial Agreements - November 21, 2006 |
| Britney and Kevin, Nick and Jessica, Reese and Ryan. No happy endings here, but you couldn't ask for better examples of the need for a prenuptial agreement. |
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| Private Annuities: Proposed Regulations Issued - October 26, 2006 |
| Proposed regulations would change the tax treatment of an exchange of property for a private annuity contract; deferral of capital gains tax no longer allowed. |
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| Additional Time to Amend NQDC Plans - October 17, 2006 |
| IRS Notice 2006-79 provides additional time to amend Nonqualified Deferred Compensation (NQDC) plans. |
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| Medicare Premiums for 2007 will be tied to income - October 5, 2006 |
| Starting in 2007, Medicare beneficiaries with higher income will pay more for Part B coverage. This change will affect single beneficiaries with modified adjusted gross incomes of more than $80,000, and married beneficiaries with modified adjusted gross incomes of more than $160,000. |
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| The Pension Protection Act of 2006: One of Nine New Concept Pieces Added to Advisor - September 21, 2006 |
| President Bush called The Pension Protection Act of 2006 " the most sweeping reform of America's pension laws in over 30 years. " We've just added a new two-page concept piece explaining the major provisions of the Act, along with eight others. |
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| Welcome Tax Development for 529 Plans - September 14, 2006 |
| The Pension Protection Act of 2006 made permanent the federal tax-free treatment of qualified 529 plan withdrawals--expect these plans to become more popular than ever. |
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| Pension Act Awaits President's Signature - August 11, 2006 |
| In addition to major retirement plan changes, the new legislation makes permanent a number of the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) provisions set to expire after 2010. |
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| Change in Federal Financial Aid Treatment of Prepaid Tuition Plans - July 13, 2006 |
| On July 1, 2006, the federal government began treating 529 prepaid tuition plans the same as 529 college savings plans for financial aid purposes. This is a welcome development for parents who have been using prepaid tuition plans to save for college, because college savings plans have historically been treated more favorably in the government's needs analysis formula. |
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| Will Buffett's Gift Spur Wave of Philanthropy? - July 6, 2006 |
| Billionaire Warren Buffett's staggering charitable donation may prompt others to take action. Be ready for questions from clients. |
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| It's Time to Prepare for Another Active Hurricane Season - June 21, 2006 |
| The NOAA National Hurricane Center is predicting another active hurricane season. Use our articles, tools, and presentation materials to help your clients prepare. |
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| Student Loan Interest Rates Set to Increase on July 1st - June 14, 2006 |
| Beginning July 1, 2006, the interest rates on existing federal Stafford Loans and PLUS Loans are set to increase by nearly 2%. Borrowers who are considering loan consolidation should do so before the July 1 date. |
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| Heroes Earned Retirement Opportunities (HERO) Act - May 31, 2006 |
| On May 29, 2006, President Bush signed the Heroes Earned Retirement Opportunities (HERO) Act (HR 1499) into law. The Act allows members of the Armed Forces to contribute combat pay to an individual retirement account or annuity (IRA). |
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| The Tax Increase Prevention and Reconciliation Act of 2005 - May 17, 2006 |
| The Act extends provisions relating to capital gains and dividends, the alternative minimum tax, and small business expensing, and includes changes to the " kiddie tax " rules and Roth IRA conversions. |
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| Medicare Prescription Drug Program Enrollment Deadline Nears - May 9, 2006 |
| May 15th is the deadline to sign up for Medicare prescription drug coverage. You can provide a valuable service to your older clients who want this coverage by reminding them to sign up for it as soon as possible. |
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| Still Time for IRA Contributions - April 13, 2006 |
| Our IRA tools can help you determine whether clients are able to open an IRA or make contributions to an existing IRA before the fast approaching tax deadline. |
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| April 17th Is Tax Filing Deadline for Most, but Not All - April 11, 2006 |
| For most individuals, Monday, April 17, 2006 is the due date for filing a 2005 federal income tax return. Certain individuals qualify automatically for extra time, though, and others can apply for an extension. |
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| IRS Issues Identity Theft Warning - March 28, 2006 |
| The IRS has warned consumers to be on the lookout for identity theft schemes involving the use of the IRS logo and name. These schemes are especially prevalent during tax filing season. |
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| Advisor Platform Expanded--New Features - March 21, 2006 |
| We've made the Advisor platform even more powerful, with three new advanced features. |
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| President Signs Deficit Reduction Act of 2005 - February 15, 2006 |
| The Deficit Reduction Act of 2005 was signed into law by President Bush on February 8, 2006. The Act includes several provisions that will significantly affect Medicaid long-term care planning and education planning. |
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| More Roth 401(k) Proposed Regulations Provide Some Surprises - February 8, 2006 |
| In addition to recently issued final regulations, the IRS has issued new proposed regulations that provide important guidance on the taxation of distributions from Roth 401(k) accounts and Roth 403(b) accounts, including guidance on how the rollover rules apply to these accounts. |
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| Final Roth 401(k) Regulations Issued - January 11, 2006 |
| The IRS has issued final regulations regarding after-tax Roth contributions to 401(k) plans, offering some clarification of earlier guidance. |
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| Nonqualified Deferred Compensation (NQDC) Plan Deadline Approaching - December 20, 2005 |
| Recent proposed regulations extend most, but not all, deadlines for amending NQDC plans. |
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| New Roth 401(k) Materials - November 28, 2005 |
| Beginning January 1, 2006, a 401(k) plan can allow employees to designate all or part of their elective deferrals as qualified Roth contributions. When your clients turn to you for information, you'll find the answers you need here. |
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| New Medicare Prescription Drug Coverage Two-Page Concept Piece - October 19, 2005 |
| Medicare beneficiaries can begin signing up for prescription drug coverage on November 15. We've created a new two-page concept piece that explains how Medicare prescription drug plans work, and answers some of the questions your clients may have as they weigh their options. |
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| Katrina Emergency Tax Relief Act of 2005 - September 30, 2005 |
| On September 23, 2005, President Bush signed into law the Katrina Emergency Tax Relief Act of 2005 (HR 3768). A summary of the Act is provided. |
|
| Gulf Coast Hurricanes Spotlight Need to Plan Ahead - September 28, 2005 |
| The devastation caused by Hurricanes Katrina and Rita has made many people aware of the need to prepare for a catastrophic event. Use our articles, tools, and presentation materials to find information and answers when clients turn to you for help. |
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| IRS increases the standard mileage rates for final four months of 2005 - September 16, 2005 |
| On September 9, 2005, the IRS announced an increase in the optional standard mileage rates used in computing the deductible cost of operating a passenger automobile for business, medical, or moving expense purposes. |
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| Tax Relief for Hurricane Katrina Victims - September 14, 2005 |
| The Treasury Department and the Internal Revenue Service provide some tax relief to taxpayers in the more than 100 counties and parishes devastated by Hurricane Katrina. |
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| Coping with Identity Theft - August 29, 2005 |
| It's been in the news a lot lately: millions of people at risk of having their identities stolen because of the loss or theft of their personal information. What's at stake--and what can be done about it? |
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| Energy Bill Signed by President - August 10, 2005 |
| On August 8, 2005, President Bush signed into law the Energy Tax Incentives Act of 2005. The Act contains a number of tax credits and incentives intended to promote both energy production and conservation. |
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| What's Going On With Social Security Reform? - July 19, 2005 |
| It's been several months since President Bush talked about a " crisis " in the decades-old Social Security program which, according to the Social Security Administration, will begin paying out more money than it collects by 2018. Find out what solutions have been proposed and what clients can do in the meantime. |
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| What Would Federal Estate Tax Repeal Mean? - July 6, 2005 |
| Will the federal estate tax be permanently repealed? The House passed legislation in April calling for full repeal, but the Senate seems to be leaning toward a compromise. |
|
| Record Low Student Loan Interest Rates Set to Increase on July 1st - June 9, 2005 |
| Interest rates on federal Stafford and PLUS loans are set to increase on July 1 by almost 2%--the largest single-year increase in the student loan program's 40-year history. To avoid the new rates, students, graduates, and parents who have more than one federal loan may want to consider consolidating them. |
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| New FSA Grace Period: Plans Can Allow Additional 2 ½ Months - June 2, 2005 |
| The U.S. Treasury Department and the Internal Revenue Service have announced that flexible spending accounts (FSAs) may be amended to provide employees with an additional 2 ½ months to spend contributions. |
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| IRAs, Rousey, and the Bankrutpcy Reform Act - May 23, 2005 |
| There has been much in the news lately about the protection of retirement assets, particularly IRA assets, from the claims of creditors. Yet there seems to be more confusion now than before. We try to make it at least a little clearer. |
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| 2005 Tax Developments Worth Noting - May 16, 2005 |
| With bankruptcy legislation getting so much press, you may not have paid much attention to some early 2005 tax developments. Here are four worth noting. |
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| New Bankruptcy Legislation - April 15, 2005 |
| On April 14, 2005, Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, also known as the Bankruptcy Reform Act, which President Bush is expected to sign. The new law overhauls many areas of the U.S. Bankruptcy Code, and includes the establishment of a " needs-based " formula that will restrict the ability of consumers to discharge debt under Chapter 7. |
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| Schiavo Case Puts Spotlight on Need to Plan for Incapacity - March 29, 2005 |
| The heart-wrenching story of Terri Schiavo is a grim reminder of the need to plan for incapacity. Health-care directives and other planning tools can help individuals protect themselves and their property. |
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| March 28th Amendment Deadline Approaching for Some Qualified Plans - March 23, 2005 |
| Beginning March 28, 2005, most qualified plans that cash out small balances (generally less than $5,000) when an employee terminates employment must pay those amounts to an IRA established for the employee, unless the employee makes an affirmative election to receive the dollars in cash, or to roll the money over to some other retirement plan. |
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| March 15th Deadline Approaching for Nonqualified Deferred Compensation Plans - March 10, 2005 |
| The March 15th deadline is approaching for certain elections under nonqualified deferred compensation plans governed by new Code Section 409A. |
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| Growth for 529 College Savings Plans - March 3, 2005 |
| According to the nonprofit College Savings Foundation, assets in 529 college savings plans grew to $52.3 billion by the end of 2004. That's almost a 50 percent increase from 2003. And most of the growth came from advisor-sold plans. |
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| New Qualified Plan Automatic Rollover Rules - January 20, 2005 |
| The IRS and the Department of Labor recently issued guidance on qualified plan automatic rollover rules that were enacted as part of the Economic Growth and Tax Relief Reconciliation Act of 2001. For most plans, the new rules take effect on March 28, 2005. |
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| Tsunami-Related Tax Break - January 12, 2005 |
| On January 7, 2005, President Bush signed legislation that allows donations made to the tsunami relief effort on or before January 31, 2005 to be deducted on 2004 federal income tax returns. |
|
| IRS Issues First Guidance on Nonqualified Deferred Compensation Plans - January 7, 2005 |
| The Treasury Department and the IRS recently issued Notice 2005-1, the first guidance in what is expected to be a series of notices on the taxation of nonqualified deferred compensation plans. The guidance is in the form of 38 questions and answers. |
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| IRS State Sales Tax Tables Now Available - December 31, 2004 |
| The American Jobs Creation Act of 2004 created a choice for taxpayers who itemize deductions on their federal income tax return: take either a deduction for state and local income taxes paid or a deduction for state and local sales taxes paid, whichever is greater. IRS Publication 600, Optional State Sales Tax Tables, is now available for use with 2004 federal income tax returns. |
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| IRS Issues New Proposed Regulations on 403(b) Plans - December 16, 2004 |
| The IRS recently issued proposed regulations governing section 403(b) plans. The proposed regulations reflect legislation from ERISA through EGTRRA, incorporate prior IRS guidance, answer many previously outstanding questions, apply several 401(k) concepts to 403(b) plans, and include a few surprises. |
|
| Year-End Tax Planning Reminders - November 23, 2004 |
| Here are five tax-related items that you may want to keep in mind as you talk to clients between now and the end of the year. Of course, clients should consult a tax preparer or professional tax advisor to determine how specific tax rules may impact their individual situations. |
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| New Rules for Nonqualified Deferred Compensation Plans - November 4, 2004 |
| The recently enacted American Jobs Creation Act of 2004 contains the first comprehensive legislation aimed directly at employer nonqualified deferred compensation plans, dramatically altering the landscape. |
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| New College Cost Figures - November 2, 2004 |
| The College Board recently reported that college tuition and fees for the 2004/2005 academic year increased an average of 10.5 percent at four-year public colleges and 6.0 percent at four-year private colleges. |
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| New Social Security Figures - October 28, 2004 |
| The Social Security Administration recently announced several changes for 2005, including a cost-of-living increase of 2.7 percent. |
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| The American Jobs Creation Act of 2004 - October 14, 2004 |
| The American Jobs Creation Act of 2004 (H.R. 4520) was passed by Congress on October 11, 2004, and is expected to be signed by President Bush. While most of the Act's provisions target businesses, significant tax cuts and revenue offsets impact individuals as well. |
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| Key 2005 Medicare Figures Announced - October 7, 2004 |
| The Centers for Medicare & Medicaid Services has announced the amounts that Medicare beneficiaries will pay for health care in 2005. |
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| Working Families Tax Relief Act of 2004 - September 29, 2004 |
| The Working Families Tax Relief Act of 2004 (H.R. 1308) was passed by Congress on September 23, 2004, and is expected to be signed by the President. The Act extends several expiring tax breaks, including provisions relating to alternative minimum tax (AMT), the child tax credit, and marriage penalty relief. |
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| Deadline Near for Extension Filers - August 10, 2004 |
| For individuals who opted in April for the automatic extension of time to file their 2003 federal income tax returns, the deadline to file is August 16, 2004. Individuals needing more time can apply for an additional two-month extension. |
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| Bunning-Bereuter-Blumenauer Flood Insurance Reform Act of 2004 - July 7, 2004 |
| On June 30, 2004, President Bush signed legislation that extends authorization of the National Flood Insurance Act of 1968 until September 30, 2008. The legislation also creates a pilot program that will require homeowners to pay higher flood insurance premiums if they file repeated flood damage claims and turn down state or local mitigation assistance. |
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| Treasury and IRS Withdraw Proposed Cash Balance Plan Regulations - June 24, 2004 |
| On June 15, 2004, the Treasury Department and the IRS announced the withdrawal of proposed cash balance plan regulations issued in December 2002, leaving the matter to Congress. |
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| Recent Tax Developments - June 10, 2004 |
| Recent federal and state tax developments that may impact your clients could have sneaked by under your radar. We summarize some of the more important developments for you. |
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| Medicare Drug Discount Cards to Debut - May 5, 2004 |
| Medicare's new voluntary, temporary prescription drug discount card program is now underway. The discount card program will run through 2005. On January 1, 2006, a new comprehensive Medicare prescription drug benefit will kick in and the card program will end. |
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| Series HH Savings Bonds to be Phased Out - April 26, 2004 |
| The U.S. Treasury Department has announced that August 2004 will be the last month that Series EE savings bonds can be exchanged for Series HH savings bonds. |
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| Help at Tax Time--Taxpayer Extensions - April 7, 2004 |
| Most taxpayers must file a federal income tax return by April 15th or apply for an extension. But some individuals, including certain members of the military, receive an automatic extension to file and pay their federal income tax. |
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| Still Time for IRA Contributions - March 26, 2004 |
| Our IRA tools can help you determine whether clients qualify for opening an IRA or making contributions to an existing IRA before the fast approaching tax deadline. |
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| New Federal Financial Aid Treatment for Coverdell ESAs - March 15, 2004 |
| The U.S. Department of Education has recently clarified that Coverdell education savings accounts (Coverdell ESAs) will now be treated as a parental asset, not a student asset, under federal financial aid rules. |
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| Dividend Technical Corrections - March 4, 2004 |
| The IRS has agreed to make favorable dividend provisions of the Tax Technical Corrections Act of 2003 available to taxpayers as they fill out their tax forms, even though this legislation has not yet been enacted. |
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