MLR

Category: Retirement

Successful estate planning generally involves passing on your assets to your heirs at a low tax cost. To help achieve that goal, there are a few things to keep in mind about retirement accounts

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The average credit card balance in March 2014 was $15,252, down from its peak of $19,000 in early 2009. With the average credit card annual percentage rate sitting at 14.95% it represents an expensive way to fund spending.

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When it comes to setting up a tax-favored retirement plan — such as a 401(k) plan, a pension or profit sharing plan, or a simplified employee pension (SEP) plan — medical practice partnerships must follow essentially the same federal income tax rules as other employers.

For one reason or another, you may need to take some money out of an IRA before reaching retirement. You can withdraw money from an IRA at any time and for any reason, but it’s important to keep in mind that most IRA withdrawals are at least partially taxable. In other words, you’ll owe regular income tax on the amount. In addition, the taxable portion of a withdrawal taken before age 59 1/2, which is called an “early withdrawal,” will be hit with a 10% penalty — unless you qualify for an exception.

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It’s not unusual for the IRS to conduct audits of qualified employee benefit plans. Plan sponsors are expected to stay on top of related changes in the tax law. If the tax agency uncovers compliance errors and the plan sponsor does not fix them, the plan could be disqualified. There are also penalties and fees that can be devastating to a business.

Our affiliate, ML&R Wealth Management, is celebrating their 20 year anniversary in 2017.  For the next 20 years and beyond, they want to continue to be a trusted advisor for their clients and with that in mind, they are pleased to announce the launch of their new website.

As you may have heard in the news, components of the Department of Labor’s fiduciary rule finally went into effect on June 9th. You can add the date as the latest significant date to the running timeline for the Department of Labor’s fiduciary rule

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Our company just began offering an employee assistance plan (EAP) that provides counseling services to employees. Is the plan subject to the Consolidated Omnibus Budget Reconciliation Act (COBRA)? What about the Employment Retirement Income Security Act (ERISA)? Are there special issues we should consider?

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One of the common threads of a mobile workforce is that many individuals who leave their jobs are faced with a decision about what to do with their 401(k) accounts.¹