IRA Archives - Wiss & Company, LLP

Tax Implications of the Inflation Reduction Act

Written on August 17, 2022. Posted in Tax.

By Nicole DeRosa, CPA, MAcc Just a mere four days following the House passage, President Joe Biden signed the Inflation Reduction Act (IRA) of 2022 into law on August 16, 2022, which is projected to raise more than $700 billion in revenue through federal policy changes impacting U.S. energy, environment, and tax sectors. Several noteworthy items that are not included in the final bill include: A provision to remove the itemized deduction cap for an individual’s state and local...

Abandoned 401(K) Accounts and the Great Resignation

Written on February 22, 2022. Posted in Employee Benefit Plan Audits.

By Cindy Sandomenico, CPA and Laura K. Zindel, CPA The trend of U.S. workers leaving their jobs and employers struggling with high levels of employee turnover continues to gain momentum. Another 4.5 million U.S. workers quit their jobs in November alone, according to data from the U.S. Bureau of Labor Statistics. Meanwhile, the number of job openings in the United States remains elevated at 10.6 million, as companies across sectors and industries continue to have a hard time recruiting...

2021 Year-End Tax Planning for Individuals

Written on December 14, 2021. Posted in State & Local Tax Services, Tax, Tax Alerts.

By Nicole DeRosa, CPA, MAcc, Senior Tax Manager As we approach year-end, now is the time for individuals, business owners, and family offices to review their 2021 and 2022 tax situations and identify opportunities for reducing, deferring, or accelerating tax obligations. Areas potentially impacted by proposed tax legislation still in play should be reviewed, as well as applicable opportunities and relief granted under legislation enacted during the past year. The information...

Preparing for Tax Season

Written on November 16, 2021. Posted in State & Local Tax Services, Tax, Tax Alerts.

New for tax year 2021/tax season 2022: The IRS just released on November 8th their tips for getting ready for the upcoming filing season. Now is the time to start and make a list of the tax documents you are expecting and use that list to cross off the items as you receive them. Also keep in mind if you receive certain documents electronically or by mail so you can be on the lookout for these items. You can use your prior year tax returns and records as a guide for what to expect....

Third Time’s the Charm?

Written on November 16, 2021. Posted in State & Local Tax Services, Tax, Tax Alerts.

A third version of H.R. 5376 (the Build Back Better Act) was released on November 3, 2021 by the House Budget Committee. This draft increases the state and local tax deduction, brings back many of the retirement proposals from the original September 13 draft of the Build Back Better Act, and retains the surcharge on high-income individuals, estates and trusts from the October 28 version. Below is a summary of where things stand today. Income Tax State and Local Tax Deduction Individual...

401(k) Plans and the Coronavirus

Written on March 25, 2020. Posted in Employee Benefit Plan Audits.

By Craig Erickson With the global pandemic caused by COVID-19 causing vast uncertainties in the economy, employers that sponsor employee benefit plans and the plan fiduciaries must continue to manage and administer their benefit plans, as well as address inquiries from their participants. The following are some topics that may be helpful during these times. Hardship Withdrawals Plan sponsors may receive calls from plan participants in the near future asking for ways they can financially...

Update to Fiduciary Rule Improves Retirement Advice

Written on April 18, 2017. Posted in Employee Benefit Plan Audits.

By Wiss Associate You may assume that when a broker, advisor, insurance agent, or consultant makes recommendations about your retirement account, the advice is in your best interest. But that hasn’t always been the case. While the majority of advisers act in the best interest of their clients, not all have been legally required to do so, and some have been swayed by hidden fees or commissions to recommend investments that weren’t necessarily the best choice for their clients’ individual...

Tag: IRA