Our Employee Benefit practice concentrates on providing a complete range of planning and compliance services under the Internal Revenue Code and ERISA. Consulting services include tax minimization strategies, structuring of employee benefit plans, fiduciary compliance and government as well as internal audits.
Tax planning and other compliance services are an essential part of the employee benefit practice. Our employee benefit professionals possess expertise in the application of the Internal Revenue Code and ERISA to tax and non-tax qualified retirement plans and welfare benefit plans as well as representation of these plans before the IRS and the DOL. Our efforts focus principally working with corporate and flow through entities, as well as high net-worth individuals with their retirement planning.
Twenty years! That's how long Roth IRAs have been around. In the year 2000 only about $77 billion was invested in these types of accounts but by 2017 it is estimated that there is almost $3 trillion in Roth IRAs. While these accounts have enjoyed explosive growth over two decades, many things are not fully understood about this tax-free retirement account.
Retirement means different things to different people. Some people look at this as the last chapter in a long life. They wish to slow down, travel a bit and spend more time with their families. Other people look at retirement as an opportunity to reshuffle the cards and pursue new dreams or passions that their earlier career did not provide.
In a recent announcement, the IRS indicated that it will begin sending notices to employers that have failed to comply with the employer responsibilities related to the Affordable Care Act (ACA). For the 2015 calendar year, the IRS plans to issue Letter 226J informing applicable large employers of their potential liability for an employer shared responsibility payment (ESRP), if any, in late 2017.
Last month, the Internal Revenue Service released Notice 2017-64, which provides the annual cost-of-living adjustments and contribution limits on 401(k) plans, pension plans, and other retirement accounts for 2018.
Unforeseen events are just that...unexpected. You started out your career on the right path and began the process of saving for your retirement. Then life throws you a curveball and you realize you will need to access those funds much sooner than you expected. If you have not reached the age of 59½, you will be subject to taxation on withdrawal of those funds and get hit with a 10 percent early distribution penalty.