Avoid IRS penalties: How advisers can streamline federal filings
Handing off clients to an e-filing expert can help reduce administrative strain while allowing HR and benefits teams to focus on employee support and plan strategy.
Tax planning
The 15 most expensive retirement cities in the U.S.
Unsurprisingly, six of the top 10 costliest destinations are in California.
Benefits Think HSAs should be promoted as way to supplement retirement savings
They can be a more tax-effective way to save for retirement than an IRA for those who are able to max out contributions and pay for medical expenses with other funds.
Christa Day
ECFC
Benefits Think 5 ways higher mileage reimbursement will have an impact this tax season
The IRS standard rate influences tax deductions, business operations, compliance requirements, financial planning and employee compensation strategies.
Torben Robertson
Cardata
5 ways ‘SECURE 2.0’ legislation could change retirement savings
A new bill taking shape in Congress is full of popular ideas and backed by both parties. But some experts say it doesn’t go far enough.
WFH at risk of turning into a tax nightmare for employees
Expert warns of a worst-case scenario for COVID jet-setters — filing multiple tax forms in different countries while also losing any benefits from tax treaties between jurisdictions.
3 alternative ways clients can use an HSA
From COBRA premiums to long-term care, there are surprising uses for funds in these tax-advantaged accounts.
Benefits Think Creating a game plan for year-end processes
Get specific about when and how to close out administrative checkpoints for the end of the year, and delegate responsibilities accordingly.
Craig Rubino
Morgan Stanley at Work
New twists in year-end tax planning
COVID-19, the election and much more all need to be taken into account.
Top 10 year-end tax planning tips
The CARES Act will play a critical role, according to Grant Thornton.
PTO sharing is a generous perk, but could present tax concerns next year
While it can be a great outlet for employees who want to help coworkers, or their favorite charities during the pandemic, PTO sharing can also present tax issues if not handled properly.
Advising coronavirus-strapped clients who need cash now
Early withdrawals from retirement accounts may be unavoidable in today’s economic climate. You can help mitigate the damage.
Voya Financial designs digital HSA tool to keep employees from depleting retirement savings
The majority of U.S. workers do not have enough savings to help them in the event of a medical emergency and often turn to their retirement funds for help.
Ways clients can use their tax refund toward retirement: Tax Strategy Scan
For starters, they can use the windfall to pay off debt, shore up their HSAs and build a cash reserve.
Cashing out a 401(k) due to coronavirus? Consider these things first
For one, clients will owe taxes still on the distributions, unless they recontribute the money into the account within three years.
Should your clients stop contributing to their 401(k) in a crisis?
Market volatility brought on by the coronavirus pandemic may present a great time to invest, as many stocks are being sold at bargain prices.
It’s a critical time to protect retirees and seniors’ finances
Older clients are advised to take extra steps to protect their finances as the current crisis may leave them prone to making poor financial decisions.
How to build an emergency fund in the middle of an emergency
Clients are advised to minimize spending and tap possible sources of cash and credit, including their tax refund.
Clients should expect the unexpected in retirement
While some retirees have seen a substantial increase in spending, many others are enjoying financial freedom.
How to help your clients’ retirement savings last
To ensure their investments stretch as long as they live, clients are advised to develop a sustainable withdrawal plan and consider annuities.
