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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.

Tagged with: adjusted gross income Internal Revenue Service IRS PLR private letter ruling retirement planning Roth IRA taxation

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 ...

Tagged with: estate planning health care reform IRA retirement planning Roth IRA surcharge tax taxation trusts and estates

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. ...

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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.

Tagged with: estate planning estate tax gift tax IRA Obama retirement planning Roth IRA

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.

Tagged with: 401(k) Obama retirement planning Roth 401(k) Roth IRA Small Business Jobs Act of 2010

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.

Tagged with: estate planning retirement planning Roth IRA trusts and estates

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 ...

Tagged with: and Employer Recovery Act required minimum distributions Retiree retirement planning Roth IRA Worker

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.

Tagged with: fair labor standards act flexible spending accounts FLSA health care reform health savings accounts Medicare Obama Roth IRA taxation whistleblower

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.

Tagged with: retirement planning Roth IRA