Retirement

A torrent of money has started to flow from the IRAs and qualified plans used by over 77 million U.S. baby boomers to save for retirement.

For some accountants, the only QDRO they will see will be part of their own divorce decree. But for many others, advising on QDROs is a part of their practice.

Your tax practice may be opening you up to liability

Retirement plans are often considered strategic advantages for businesses, yet many small businesses do not offer their employees 401(k) plans. As an accountant, this is a discussion you can have with your business clients, to help them understand the value of retirement plans and how they can build upon the success of their company.

Changes affecting qualified retirement plans

What the IRS giveth, the IRS taketh away. At age 70½, the bill comes due on all those tax-deferred savings accounts we’ve been building, and this week the oldest baby boomers will begin to reach that finish line—with many millions more to follow.

The Internal Revenue Service has issued guidance on whether payments from a qualified retirement plan during a phased retirement are considered an annuity.

Two new surveys highlight the differing financial situations of older and younger adults.

Last month, the U.S. Department of Labor issued the final fiduciary rule, which significantly affects advisors who render investment advice to Individual Retirement Account owners.

The Internal Revenue Service has released final regulations for disbursements from Roth individual retirement accounts, removing the allocation rule for disbursements from designated Roth accounts to multiple destinations.

Many Individual Retirement Account holders die without having consumed the account balances; therefore, beneficiaries will be entitled to the balance.

Financial stress rates for U.S. workers are among the highest they have been over the last five years, as workers contend with greater financial burdens and debt, according to a new survey by PricewaterhouseCoopers.

The Labor Department finalized an amended version of its fiduciary rule, providing wealth management firms a lengthier timeline for implementation as well as more relaxed requirements for the best interest contract exemption.

Joe DeSilva of ADP explains how accountants can help their small business clients set up a retirement plan, in an interview with Dan Hood of Accounting Today.

Many forward-thinking companies are giving their employees access to financial wellness services to help them make sense of their finances.

The American Institute of CPAs is asking the Treasury Department to provide tax relief to the cross-border savings accounts of U.S. and Canadian citizens.

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.