Pension Admin & Consulting

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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 [...]

Is Time Running Out for Your FSA?

By |2019-02-18T20:12:25+00:00February 25th, 2019|News & Events, Pension Admin & Consulting, Press Releases|

If your company maintains flexible spending arrangements (FSAs) for the healthcare expenses of employees, an important deadline may be looming: March 15, 2019. For many healthcare FSAs, this is the last day you can withdraw funds from the balance in your account for 2018. Background: An FSA is funded with pre-tax dollars, so there are [...]

Retirement Plan Limits Going Up

By |2018-12-20T14:49:50+00:00December 26th, 2018|News & Events, Pension Admin & Consulting|

The IRS recently announced annual cost-of-living adjustments for certain retirement plans for 2019. See the chart below for several key changes.     Limit for 2018 Limit for 2019 Maximum annual dollar benefit for a defined benefit plan $220,000 $225,000 Maximum dollar limit on additions to a defined contribution plan $55,000 $56,000 Maximum amount of [...]