Inheriting an IRA: Navigate the Tax Maze

by | Sep 3, 2024 | article

A client booked a meeting with me last week to discuss a question about an inherited IRA. Our conversation shed light on how to avoid potential pitfalls and make the most of the inheritance. “I just inherited my great aunt Harriet’s IRA. Free money is good but how do...

I Put My Spouse on Payroll. Now What?

by | Aug 6, 2024 | article

Like many business owners, Jack put his spouse on the payroll during COVID—and she’s still there. “It started as an emergency measure,” he explained, “but I don’t think I could have grown the business this way without her. But we’re on the same payroll. How does this...

Why Was My Contribution Cut in Half?

by | Jul 2, 2024 | article

Jess called me with an urgent question about her retirement plan. “I have a pension/cash balance plan. My actuary just told me the contribution I can put in this year is cut in half. Why is this?” “Usually, this happens for two reasons:” I explained. “It could be that...

Can I Save Money by Owning Multiple Companies?

by | Jun 4, 2024 | article

James, a long-term client, called me last week to ask about his retirement plan. He owns a successful business and he’s a partner in a second company. “How does this work? Can I set up a plan for the second company and participate in both?” “The fact that you have...

Ideas to Think About Before the End of the Year

by | Dec 15, 2023 | article

During the holidays, we focus on decorating our homes, putting up lights, and buying gifts. What about treating your business or your clients with additional tax savings? Do you or your clients only put away an IRA contribution? Think about upgrading to a qualified...

Clean-Up That Poorly-Run Plan

by | Nov 21, 2023 | article

We recently took on a client who came to us because their retirement plan was poorly run. The people who set up the plan had good intentions but they were in over their heads. They had too much going on managing a growing company and did not have the time to...

Success Stories

by | Nov 7, 2023 | article

Miriam ran a successful business and she had a retirement plan. Her husband James made about $125K/year selling collectibles on eBay. They didn’t really need James’s “hobby income” so they wanted to shelter as much of it as they could. Gina, his accountant put him in...

New Rule Regarding Form 5500

by | Oct 24, 2023 | article

In general, if the number of participants at the beginning of the year is at least 100, any qualified retirement plan covered under ERISA is required to have an annual audit done along with the annual Form 5500 filing. That limit is increased to 120 participants...

Do Payroll Providers Really Do Everything For You?

by | Oct 10, 2023 | article

Payroll providers promise that if you use their 401k program, they will submit the contributions each payroll period and they’ll send enrollment packets to eligible new employees. Also, they will approve any loans and distributions. You don’t have to do anything! What...