Employers who do not already sponsor a SIMPLE Plan may start one for 2016 no later than three months before the end of the calendar year*. October 1st is the last day to start a SIMPLE Plan and begin making deferrals for 2016. If you have a client interested in establishing a SIMPLE Plan for [...]
It’s that time of year and you want to know. Your tax return was extended and you are now preparing the return. The question is, can you still make an IRA contribution? Maybe, but generally the short answer is No. The deadline for making most IRA or Roth IRA contributions is April 15th for the [...]
What is your greatest financial fear? For some people, it is outliving their retirement savings. Besides the inherent volatility of economic markets and concerns about the viability of Social Security in the future, you may not have been able to save enough to secure a comfortable retirement. As things stand now, you may be afraid [...]
The Key: Adjusting Lifestyle to Reduced Income And now for a little good news. Most of the stories we read about retirement planning tend to be dominated by "unpleasant realities" and savings goals that can seem like Mount Everest. And then … the brakes go out on the car again. Indeed, many people head [...]
Effective January 1st, 2015, and in keeping with the Tax Court's recent decision, the limit of one IRA rollover to another within any 12 month period will now apply on an aggregated basis. The old IRA-by-IRA rollover basis when considering the 12 month period has been withdrawn, even though the IRS Publication 590, Individual Retirement [...]
We get this question a lot at this time of the year. If your tax return is on extension and you are now preparing the return, can you still make an IRA contribution? Maybe, but generally the short answer is No. The deadline for making most IRA or Roth IRA contributions is April 15th for [...]
Last week, the Supreme Court unanimously ruled that inherited IRAs are not protected in bankruptcy under federal law. The Court’s decision resolved the bankruptcy question about inherited IRAs in the federal courts, but it does not resolve all questions because state laws also control the bankruptcy protection. Each state’s law is different, here is a [...]
The Safe Harbor plan is a popular 401(k) retirement plan for businesses with employees. Safe Harbor plans make it easy for business owners to maximize contributions to their own accounts while reducing some of the limitations associated with adhering to the non-discrimination testing required by the Internal Revenue Service (IRS) and ERISA (Employee Retirement Income Security Act). To [...]
The IRS has published the plan limits for 2014 in IR-2013-86. JMF Consulting has updated our Plan Limit Table to reflect the changes. To view the changes, click: 2014 Pension Plan Limits If you have any questions, please contact JMF Consulting at 205.345.8440.
Reminder to SIMPLE IRA plan sponsors: The required annual notification to your eligible employees must be provided no later than Friday, November 1, 2013 for the 2014 plan year. Eligible employees must receive notification of the upcoming election opportunity along with the sponsor's choice of contribution method that will be used next year. While some [...]