Corporate Transparency Act – Filing Requirement
The Corporate Transparency Act requires small and medium sized businesses created by filing paperwork with a Secretary of State (Corporations, LLCs, LLPs etc) to report identifying information by 12/31/2024 to the Financial Crimes Enforcement Network (FinCEN). Some exceptions include charities or companies with 20 or more employees, and $5M in annual revenue. New Filing Obligations […]
Inherited IRAs – IRS Issues Final Regulations
Prior to 2019, most beneficiaries of Inherited IRAs could stretch out Required Minimum Distributions (RMDs) over their lifetime. However, the first SECURE Act eliminated this benefit and required that most non-spouse beneficiaries empty inherited accounts within 10 years. This change led to considerable confusion, most notably, whether annual RMDs were necessary during this 10-year period. […]
Changes for Unused Funds from 529 Plans Beginning in 2024
To address investor concerns related to 529 Plan savings going unused, a provision of SECURE ACT 2.0 allows the opportunity to rollover unused 529 education savings into a Roth IRA in the beneficiary’s name, penalty free. As a result, investors should feel a sense of relief about leftover 529 savings that weren’t used for education. […]
What to ask your financial advisor
How does/and how much does your advisor get paid? Fees matter. It is important to know how much you are paying and the value you receive for that payment. If you’re paying 1% or more for only investment management with no in depth retirement planning, we should talk. Is your advisor required by law to act […]
Beware of Fancy Financial Advisor Titles
Tara Siegel Bernard writes in the NY Times, “Most investors don’t realize that when they walk into a bank or brokerage firm branch, the representatives there are essentially free to emblazon their business cards with whatever titles they please — financial consultants, advisers, wealth managers, to name a few. But if you’re looking for someone […]
