In December 2022, President Biden signed the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act. Among other things, the sweeping new law made some significant changes to so-called catch-up contributions, with implications for both employers and employees. With the new catch-up provisions scheduled to kick in after 2023, many retirement plan sponsors have been struggling … Read more
The IRS has issued new guidance providing transitional relief related to recent legislative changes to the age at which taxpayers must begin taking required minimum distributions (RMDs) from retirement accounts. The guidance in IRS Notice 2023-54 also extends relief already granted to taxpayers covered by the so-called “10-year rule” for inherited IRAs and other defined contribution plans. … Read more
H2R CPA Partner, Lucas Rihely, CPA and Senior Associate, Cameron Zandier, CPA, MST, recently wrote an article published in the July/August 2023 issue of Breaking Ground magazine, a publication of the Master Builders Association of Western Pennsylvania. The article, “ESOPS as an Exit Strategy for Construction Companies” can be found on page 41 of the … Read more
On December 23, 2022, Congress passed the Consolidated Appropriations Act of 2023. The sprawling year-end spending “omnibus” package includes two important new laws that could affect your financial planning: the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act (also known as SECURE 2.0) and the Conservation Easement Program Integrity Act. Bolstering retirement savings The original SECURE Act, … Read more
In 2019, the bipartisan Setting Every Community Up for Retirement Enhancement Act (SECURE Act) — the first significant legislation related to retirement savings since 2006 — became law. Now Congress appears ready to build on that law to further increase Americans’ retirement security. The U.S. House of Representatives passed the Securing a Strong Retirement Act … Read more
The CARES Act was enacted in an attempt to mitigate the economic effects of the COVID-19 pandemic. Among other things, it extends favorable tax treatment to qualified individuals who take so-called “coronavirus-related distributions” (CRDs) from IRAs, 401(k) plans and certain other retirement plans. Specifically, the CARES Act waives the 10% early distribution penalty for CRDs … Read more
by H2R CPA Team Employee stock ownership plans (ESOPs) offer closely held business owners an exit strategy and a tax-efficient technique for sharing equity with employees. But did you know that an ESOP can be a powerful estate planning tool? It can help you address several planning challenges, including lack of liquidity and the need … Read more
Individuals ages 66 to 70 must act fast to save thousands of dollars. The Bipartisan Budget Act of 2015 made a major change to a popular Social Security benefit collecting strategy. The two big changes were for Restricted Applications and Voluntary Suspension, sometimes known as File and Suspend. This strategy allows the higher earning spouse … Read more