RMDs, which are required minimum distributions, mandated by the IRS to be taken from traditional IRAs, rollover IRAs, SIMPLE IRAs, SEP IRAs, most Keoghs, and most 401(k) and 403(b) plans, were waived in 2020. But as life returns to the “new normal,” RMDs are back. While the March 2020 passage of the CARES Act (Coronavirus Aid Relief and Economic Security) temporarily waived the required minimum distributions for all types of retirement accounts, included inherited IRA plans, the waiver expired in December of 2020.
Although the Social Security Administration is giving their social security statements a facelift, they are doing it quietly. Thus far, only selected accounts have received the new benefits statement.
The State of Georgia passed H.B. 149 early last month, seeking a workaround to the $10,000 SALT* cap, included in the Tax Cuts and Jobs Act of 2017 (TCJA). The Bill, as passed by the Georgia House and Senate, becomes law pending the signature of Georgia Governor Brian Kemp. It will add Georgia to the growing list of states to give pass-through entities (PTEs) the option to be taxed at the entity level.
Just when you needed a window for scheduling some time off, June rolls in with a shorter than usual checklist of health and retirement benefits deadlines to meet. Thank you, as always, to our friends at IslerDare PC for providing us timely reminders and permitting us to share them with readers of Deferred Compensation News.
The team at Fulcrum Partners wishes you and your family a safe, happy start to your summer over the long Memorial Day weekend.
According to a May 24 Reuters article, stakeholders are speaking out on executive pay, with opposition to U.S. CEO pay at its highest ever.
While some Americans are struggling to get re-established in their jobs or find new employment post COVID-19, others are in a “rush to retire”. The global pandemic impacted everyone in similar ways, and each of us differently. With a heightened sense of “life is short,” some executives who are financially positioned to retire, are choosing to opt out of the workplace years ahead of their original planned retirement date.
Happy Mother’s Day From Fulcrum Partners
With a new admin comes review of corporate tax structure. The projected tax increases may change participation in NQDC plans. Is your company prepared?
The team at Fulcrum Partners, a OneDigital Company, wishes you and your family a Happy Easter. We hope you find time to relax, and celebrate the values that matter most in life and the renewal that comes with the Spring. Enjoy a safe and Happy Easter Holiday!