Retirement

Ernst & Young LLP has introduced eFinancial Wellness, a financial planning and financial education service for small to midsize businesses.

Congress’s passage of legislation last December making many expired tax breaks permanent adds an extra measure of certainty for tax preparers helping their clients with tax planning this year.

A large number of important tax changes go into effect this year. Many were ushered in by the Protecting Americans from Tax Hikes (PATH) Act of 2015, although legislation enacted earlier in 2015 and in 2014 also contributed a fair share. Still other changes are the result of various administrative pronouncements by the IRS.

Sen. Ron Wyden, D-Ore., the ranking Democrat on the Senate Finance Committee, along with a group of other Senate Democrats, have introduced legislation to make the Saver's Credit into a refundable tax credit to help more working families and middle-class Americans save for retirement.

President Barack Obama will propose allowing small businesses to more easily pool 401(k) plans, in the hope that more Americans will adopt a crucial tool to save for retirement.

The Financial Accounting Standards Board has issued two proposed accounting standards updates to improve financial reporting by employers related to defined benefit pension and other post-retirement benefit plans.

Former billionaire entrepreneur Samuel Wyly told a federal judge that he filed for bankruptcy to avoid burdening his children with a $2 billion claim by the Internal Revenue Service.

Lyle Benson of L.K. Benson & Co., who chairs the AICPA's PFP section, discusses why elder planning is both a significant client need and an opportunity for CPAs.

Elevating your clients’ experience during tax season

Many individuals in the United States have IRA accounts. These retirement accounts may be substantial and are often the target of financial planners who are interested in handling and managing the IRA assets, for a fee, of course. This is big business for financial planners.