Pension Admin & Consulting

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COVID-19 Legislative Updates for Plan Administrators

By |2020-04-04T21:38:45+00:00April 4th, 2020|News & Events, Pension Admin & Consulting, Press Releases|

With a new COVID-19 tax law seemingly coming out every couple of days and with guidance on those new laws seemingly being released every few hours, we wanted to keep plan administrators informed of all changes as they stand today.  First though, we want to note that while taxes due April 15, 2020 have been [...]

CARES ACT – Retirement Plan Changes

By |2020-04-08T15:27:48+00:00March 31st, 2020|Corporate & Partnership Tax, News & Events, Pension Admin & Consulting, Press Releases|

The new stimulus bill that was signed on Friday, March 27, 2020, known as the CARES Act is a massive and far ranging $2+ TRILLION bill, so it is probably best for us to break it down by sections or likely impacted group.  This Act may be cited as the “Coronavirus Aid, Relief, and Economic Security [...]

JMF Office and Recent Legislative Updates

By |2020-03-25T23:20:18+00:00March 25th, 2020|Accounting & Auditing, Construction, Corporate & Partnership Tax, Creative, Design, Entrepreneurs, Estate & Trust, Financial Institutions, Fraud, Health Care, Hospitality, Individual Tax, Internal Control Evaluation, International, Manufacturing, News & Events, Nonprofit, Oil & Gas, Payroll & Bookkeeping, Pension Admin & Consulting, Press Releases, SALT, Social Security, Technology, Timber|

Dear JMF Clients and Friends: As we mentioned in our communication on March 14th, we are in unprecedented times. We wanted to share another update of what JMF is continuing to do to serve our clients while maintaining a safe work environment.  This remains a fluid situation and we will continue to communicate with you. [...]

Tax-Free Transfers From IRAs to Charity

By |2020-03-05T18:09:18+00:00March 5th, 2020|Individual Tax, News & Events, Pension Admin & Consulting|

At least there is something good about growing old from a tax perspective. Under a unique tax law provision, certain senior citizens can transfer a sizeable amount of funds directly from an IRA to a qualified charitable organization without paying any tax on the distribution. Significantly, this “qualified charitable distribution” (QCD) also counts as a [...]

Wondering what the Phase-Out Limits are For Traditional and Roth IRAs Are for 2020?

By |2020-02-17T20:33:05+00:00February 20th, 2020|News & Events, Pension Admin & Consulting|

The maximum allowable contribution for 2020 is $6,000.  Individuals age 50 and over in 2020 may contribute an additional $1,000. 2020 IRA Deduction Table You are covered by an employer retirement plan for the tax year if your employer (or your spouse's employer) has a: Defined Contribution plan and any contributions or forfeitures were allocated [...]

Ten Top Provisions in the SECURE Act

By |2020-02-17T19:47:37+00:00February 17th, 2020|Individual Tax, News & Events, Pension Admin & Consulting, Social Security|

Late in 2019, Congress passed the “Setting Every Community Up for Retirement Enhancement” (SECURE) Act, the biggest retirement law in more than a decade. Most provisions in this new legislation went into effect on January 1, 2020. Following is a summary of ten key changes. Stretch IRAs: Generally, the new law favors taxpayers, but it [...]

2020 Retirement Plan Limits Announced

By |2019-11-11T20:57:20+00:00November 11th, 2019|Individual Tax, News & Events, Pension Admin & Consulting|

The retirement plan limits for 2020 have been released.  The 401(k) and SIMPLE IRA deferral limits increased, along with the catch-up contributions for 401(k), maximum plan compensation, the annual addition limit and the taxable wage base. Other limits, such as the contribution limit for personal IRAs, catch-up contributions for both SIMPLE IRAs and personal [...]

Explaining Required Minimum Distributions aka RMDs

By |2019-11-04T20:26:45+00:00November 4th, 2019|Individual Tax, News & Events, Pension Admin & Consulting|

We get asked a lot of questions about IRAs, and their required minimum distributions or RMDs.  So Mindy Norton with our JMF Pension Consulting group provided the following synopsis to help explain. As an individual, you are required to begin taking minimum distributions from your traditional IRA in the year in which you turn [...]

Retirement Saving Through the Years: Guidelines for different life stages

By |2019-04-04T21:54:44+00:00April 5th, 2019|Pension Admin & Consulting, Press Releases|

When should you start saving for retirement? Probably the best answer is “yesterday.” If you have not started putting aside funds yet, the next best answer is “now.” In other words, it is not too early to begin saving for retirement, nor is it generally too late, although the manner and method of savings [...]