Articles

Nov 07, 2014

2015 Retirement Plan Limits

IRS has announced the 2015 cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items.

Oct 04, 2011

Employer Provided Cell Phone - Compensation or Not?

On Sept. 14, 2011, the IRS released Notice 2011-72 on the Tax Treatment of Employer-Provided Cell Phones. It states that the value of the business use of an employer-provided cell phone is excludable from an employee's income as a working condition fringe to the extent that, if the employee paid for the use of the cell phone themselves, such payment would be allowable as a deduction under section 162 for the employee.

Oct 04, 2011

Deficit Reduction and Retirement Plans, How do They Relate?

Estimates prepared by the Joint Committee on Taxation rank employer provided retirement plans as one of the highest tax expenditures in the federal budget ($105.8 billion). In light of our current budget deficits, these retirement plans become attractive targets for a Congress searching for revenue. It is important to point out that unlike other tax deductions, qualified plan deductions are not “tax expenditures” but deferrals of taxation since retirement savings become taxable upon distribution. That said, in the tax reform debate just beginning, two proposals would affect the current system of retirement plans.

Jun 22, 2011

Simple IRA To 401(k) - Important Facts

There's an important deadline on the horizon if an employer has a SIMPLE IRA plan in 2011 but would like a 401(k) in 2012 - that date is November 1, 2011.

Jun 22, 2011

SEP IRA vs Individual 401(k) - A Comparison of these self employed retirement plans

Selecting the right retirement plan can be confusing and the subtle differences between options can sometimes be overlooked. If you are a self employed individual or an owner and spouse business and are considering a SEP IRA or Individual 401k reading this information should help you make your decision easier by explaining the differences simply.