Tax Code | Ed Slott and Company, LLC

Tax Code

Tax Reform Proposal Unveiled

The much anticipated Republican proposal for tax reform has been released in the form of the Tax Cuts and Jobs Act, an over-400 page long major rewrite of the Tax Code. It is sure to be controversial and subject to political dispute, and specific provisions are likely to change. Here's how the major provisions that most matter to helping your clients read now.

Close is Not Enough When It Comes to the 10% Penalty

A well-known quote attributed to baseball great, Frank Robinson, says “Close doesn't count in baseball. Close only counts in horseshoes and hand grenades.” In a recent Tax Court Case, David D. Pritchard et ux. v. Commissioner; T.C. Memo. 2017-136 (July 10, 2017), the Court found the exceptions to the 10% penalty for early distributions from retirement accounts to be more like baseball than horseshoes or hand grenades. Close is not good enough!

Hardship and Retirement Distributions – No Free Pass

A very common mistake on the part of IRA owners and plan participants is thinking that distributions taken because of their financial difficulties are tax and penalty free.

Five Things to Consider When Researching Retirement Questions on the Internet

The internet can be a blessing and it can be a curse. It is a fantastic place to do research on almost anything, but is the information you find current and accurate? Here are five things to consider when doing internet research into retirement questions.

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