Paley Rothman shares this library of resources with clients and friends of the firm to help them stay ahead of legal and business developments and trends. Here, you will find helpful tips and tools written by our attorneys. The information in the blogs and articles is not a substitute for legal advice and should not be relied on as such. Should you have any questions or want legal advice, please contact the attorney who wrote the blog or article.
Each year IRS makes cost of living adjustments to many of the limits on benefits from - and contributions to - qualified and non-qualified retirement plans. Here are the new limits for 2012:
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The federal estate tax system is in a state of chaos. Despite some discussion among lawmakers in the past year, there has been no progress or change to report. The outlook for a good resolution is somewhere between bleak (some believe the best possible result will be having the 2009 estate tax law reinstated for two years only) to murky (a compromise may be in the works which will provide a permanent solution) More details on these and other possible outcomes below.
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Starting in 2010, individuals with an adjusted gross income over $100,000 will be able to take advantage of the benefits of a Roth IRA by converting a portion or all of a traditional IRA or rolling over retirement plan money into a Roth.
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The tax code requires that “minimum distributions” be taken from qualified defined contribution retirement plans, IRAs and annuities. In general, a required minimum distribution (RMD) is the smallest amount that must be withdrawn each year by the plan participant or IRA owner.
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A profit sharing plan is the most flexible qualified retirement plan an employer can offer to its employees. Contributions are discretionary, and each year the employer can decide whether to make a contribution and, within certain parameters, in what amount. The most simple profit sharing plan allocates contributions among participants pro-rata, based on compensation. Using this “plain vanilla” contribution model...
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