The IRS posted the recorded version of January’s webinar, Retirement Plans for Small Employers and Self-Employed. It provides an overview of the key features of retirement plans for small employers and self-employed. This... Continue Reading
If you’re a small employer or self-employed, you may be busy trying to grow your business and haven’t even thought about starting a retirement plan. Adopting a retirement plan benefits both the employer and... Continue Reading
The tax law places limits on the dollar amount of contributions to retirement plans IRAs and the amount of benefits under a pension plan. IRC Section 425 requires the limits to be adjusted annually for cost-of-living... Continue Reading
In Merrell v. Commissioner, TC Summary Opinion 2020-5 (Jan. 16, 2020), an IRA owner under age 59 ½ and not disabled received a distribution from his IRA. The owner did not pay an additional tax of 10% pursuant to Internal... Continue Reading
In Gillette v. Commissioner, 125 AFTR 2d 2020-518 (7th Cir, Jan. 15, 2020), a taxpayer was a compulsive gambler, which the taxpayers claimed was linked to prescription medication. To fuel her gambling, taxpayer made a withdrawal... Continue Reading