Federal Defense of Marriage Act Ruled Unconstitutional
On June 26, 2013, the US Supreme Court ruled Section 3 of the federal Defense of Marriage Act (DOMA) unconstitutional. United States v. Windsor. Section
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IRA Bankruptcy Limit Increase
Under The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, assets held in IRAs are exempted from bankruptcy up to $1 Million. This limit
IRS Issues Voluntary 403(b) Correction Program Submission Kit
Voluntary 403(b) Correction Program Submission Kit This kit was created to guide you through the steps in filing a submission for a VCP compliance statement. It
IRS Updates Correction Procedures for Retirement Plans
Revenue Procedure 2013-12 was released on December 31, 2012. Revenue Procedure 2008-50 is modified and superseded by this revenue procedure. Significant changes to the Employee
IRS Correction Procedures Addresses Correction for Failure to Adopt Written Plan for a 403(b)
“ ” The IRS released Revenue Procedure 2013-12 on December 31, 2012, which includes correction procedures for 403(b) Plans. Prior to the release of Revenue
Qualified Charitable Distributions Extended under the Fiscal Cliff Bill- H.R.8.
QCD Extended under “fiscal cliff bill”. H.R.8. American Taxpayer Relief Act of 2012 (the “fiscal cliff bill”) extended the qualified charitable distributions (QCD) provision to
Lessons from Recent Tax Related Rulings on IRAs
As the tax season approaches, many taxpayers are diligently gathering documents in preparation for filing their tax returns. However, as we know, even painstaking preparation
IRS Issues PLRs on IRAs
New Private Letter Rulings: The IRS has issued several private letter rulings (PLR) on matters related to IRAs and other retirement accounts. The following are
SSI Cost-of-Living Adjustment (COLA) Information for 2013
“Monthly Social Security and Supplemental Security Income (SSI) benefits for nearly 62 million Americans will increase 1.7 percent in 2013” SSA. Click here for more.
Deadlines: October
Please mark your IRA calendar with the following deadlines October 1 If you own your own business, and you are thinking of starting a SIMPLE