Congress made several changes to IRA rules in 2020 and is considering more in the near future.  Legislators are looking to end the so-called “back door Roth IRA” and “mega back door Roth IRA” strategies.  Currently, the back door Roth IRA conversion allows an individual to make a nondeductible, after-tax, contribution to a traditional IRA [...]

The IRS has announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021.  In addition, Individual tax payers can postpone federal income tax payments for the 2020 tax year until May 17 without penalties and interest.  This [...]

Yesterday, the Treasury Department & IRS extended the federal tax filing deadline for individuals to May 17, 2021.  Here is a link to the complete details:  https://www.irs.gov/newsroom/tax-day-for-individuals-extended-to-may-17-treasury-irs-extend-filing-and-payment-deadline There are three important caveats to this news that clients need to be aware of and work with your CPAs to ensure compliance. The IRS extension has no [...]

While the market continues its unsettled and very unsettling behavior, other developments from Federal and State governments are springing into action to help the current situation. Below is some information I received from our CPA this morning.  It is good news. Please confirm this information with your CPA, especially since various states are likely to [...]

You may have already heard that year-end legislation to fund the government included changes to retirement savings law.  The following chart offers an overview of what we know (or believe) to be true with respect to the new law.  As with most legislation making such sweeping changes, the details, and implications for investors (pre- and [...]