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News & Press

401(k) retirement savers gain access to private equity investments

Tuesday, June 2, 2020

The Trump administration on Wednesday announced new guidance pertaining to defined contribution plans – like 401(k) accounts – and what investments the funds are able to access.

Retirement savers will now have access to private equity investments through defined contribution plans, the Department of Labor said in an information letter.

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What to know about your taxes if you're getting coronavirus relief from unemployment

Sunday, May 10, 2020

Stimulus payments, relaxed rules for tapping into retirement accounts and other coronavirus-relief measures are helping to keep millions of Americans afloat financially, but they could bring tax surprises, including unpleasant ones, down the road.

Here's a quick look at some of the tax red flags to beware — ramifications that could affect how much money you owe or receive in a refund and possibly affect Social Security or other benefits.

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Ed Slott: RMD Rule Changes Amid Coronavirus Confuse Clients

Thursday, May 7, 2020

IRA expert Ed Slott, president of Ed Slott and Co., stressed that the COVID-19 pandemic “shouldn’t be down time” for advisors: “This is the time you want to strengthen your relationships.”

In particular, he said, many clients need your help understanding the federal government’s COVID-19 relief initiatives, including breaks on required minimum distributions from retirement accounts.

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Mnuchin backs IRS on coronavirus PPP loan tax break denial, ‘basically tax 101’

Tuesday, May 5, 2020

U.S. Treasury Secretary Steven Mnuchin has backed a recent, controversial IRS ruling that expenses paid for with the forgivable Paycheck Protection Program loans are not tax-deductible.

Mnuchin told FOX Business’ Maria Bartiromo this week that he has reviewed the issue personally and that the guidance is correct, saying it’s “basically tax 101.”

“The money coming in the PPP is not taxable,” Mnuchin said. “So if the money that’s coming is not taxable, you can’t double-dip, you can’t say you’re going to get deductions for workers that you didn’t pay for.”

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Coronavirus relief tax deduction denial: Is your PPP loan worth less?

Thursday, April 30, 2020

Taxpayers and lawmakers are not happy with a newly released policy regarding the Paycheck Protection Program, which some argue diminishes the value of the loans for recipients.

The IRS issued guidance late Thursday preventing business owners who have their PPP loans forgiven from claiming tax breaks on otherwise deductible expenses if they were paid for using the government aid.

The loans are tax-exempt, so the guidance was based on existing law, which generally aims to prevent people from receiving a “double tax benefit.”

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If You Need Cash Now, Don’t Ignore the Tax Bill That Could Come Later

Friday, April 24, 2020

The coronavirus pandemic is wreaking havoc on the U.S. economy, with 26 million workers newly unemployed and plenty more people jolted by declines in their retirement and brokerage accounts.

Americans at all economic levels are looking to free up cash. As they do, they should pay attention to taxes, which can determine which strategy makes the most sense.

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Sen. Cardin Signals More RMD Relief in Next Stimulus

Thursday, April 23, 2020

Sen. Ben Cardin, D-Md., signaled Thursday that the next round of coronavirus stimulus could likely include required minimum distribution relief.

During an early Thursday afternoon webcast held by the American Council for Capital Formation, Cardin was questioned on measures lawmakers could take to deal with the massive withdrawals from retirement accounts taking place now.

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A New IRA Donation Strategy Now Can Increase Your Tax Savings Later

Friday, April 17, 2020

It’s a confusing year for charitably minded seniors with traditional individual retirement accounts—and a good one to reconsider giving strategies.

Recent law changes are responsible. Late in 2019, Congress raised the age at which most savers are required to start taking money from their IRAs to age 72 from age 70½. But it left unchanged the age at which savers can donate IRA assets, which is still 70½.

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Coronavirus relief: We answer your questions about how the CARES Act affects retirement withdrawals and IRAs

Wednesday, April 15, 2020

The CARES Act, the legislation signed into law by President Trump in March, generated many questions from readers. Below we answer some of them.

Q: You wrote in a recent article that "the law also doubles the amount 401(k) participants can take in loans from an account for the next six months to the lower of $100,000 or 100% of the account balance. IRAs don’t permit loans."

It seems as if this part of Bill S.3548, speaks to individual retirement account (IRA) loans:

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