IRS grants relief for reliance on tax professional 
Published: September 21, 2012
Tags: adjusted gross income, Internal Revenue Service, IRS, PLR, private letter ruling, retirement planning, Roth IRA, taxation
Taxpayers may be eligible for relief if they made an error in reliance upon a tax professional, according to a recent private letter ruling from the Internal Revenue Service.
The tax implications of the health care law
By:
Correy Stephenson
Published: July 19, 2012
Tags: estate planning, health care reform, IRA, retirement planning, Roth IRA, surcharge tax, taxation, trusts and estates
When the U.S. Supreme Court ruled on the health care law late last month, the decision upholding the individual health insurance mandate made headlines.
But lost in the details and unknown to many was the 3.8 percent surcharge tax on net investment income set to take effect Jan. 1, 2013.
Deadline looms: Should you re-characterize a Roth IRA?
By:
Correy Stephenson
Published: October 6, 2011
Tags: estate planning, estate tax, retirement planning, Roth IRA
Lawyers and their clients who chose to convert a traditional IRA into a Roth IRA last year face a deadline in the coming weeks.
Those who wish to re-characterize their Roth IRA back into a traditional IRA have until Oct. 17 to take action.
Estate planning lawyers get tons of work from new tax law
By:
Sylvia Hsieh
Published: March 16, 2011
Tags: estate planning, estate tax, gift tax, IRA, Obama, retirement planning, Roth IRA
The new tax law, which contains changes to estate, gift and income tax rules, should keep estate planning attorneys busy advising clients on retirement planning for at least the next two years.
Should lawyers, clients convert to Roth 401(k)s?
By:
Correy Stephenson
Published: December 14, 2010
Tags: 401(k), Obama, retirement planning, Roth 401(k), Roth IRA, Small Business Jobs Act of 2010
Lawyers and their clients have a new opportunity to convert their 401(k) plans into Roth 401(k)s, but should think twice before making the switch.
Lawyers advise clients of Roth IRA conversion deadline
By:
Sylvia Hsieh
Published: October 8, 2010
Tags: estate planning, retirement planning, Roth IRA, trusts and estates
Despite a looming deadline for special rules on converting retirement money to a Roth IRA, many clients – and even lawyers – have not taken advantage of the offer.
Whether they are waiting until the last minute to decide or are gun-shy about writing a big check to Uncle Sam for the income tax on the conversion, lawyers say many taxpayers remain on the fence.
Required minimum distributions back in 2010
By:
Correy Stephenson
Published: April 23, 2010
Tags: and Employer Recovery Act, required minimum distributions, Retiree, retirement planning, Roth IRA, Worker
After taking a year off in 2009, required minimum distributions are back.
In 2008, Congress passed a bill that suspended the rule requiring retirees over the age of 70 and 1/2 to withdraw a certain amount from their individual retirement and 401(k) accounts in 2009.
Health care reform bill offers many hidden changes
By:
Correy Stephenson
Published: April 9, 2010
Tags: fair labor standards act, flexible spending accounts, FLSA, health care reform, health savings accounts, Medicare, Obama, Roth IRA, taxation, whistleblower
In addition to universal health care, the new reform law includes various provisions relevant to lawyers, including tax changes, an amendment to the Fair Labor Standards Act, new whistleblower provisions for hospital employees and other employment-related updates.
Limits on Roth IRAs set to end – should you convert?
By:
Correy Stephenson
Published: November 24, 2009
Tags: retirement planning, Roth IRA
For the first time, as of Jan. 1, 2010, individuals with an adjusted gross income of more than $100,000 can convert an existing IRA or 401(k) account into a Roth IRA.
Estate planning attorneys should contact their clients about this opportunity, and lawyers should consider whether to take advantage of the change for their own retirement plans.
