Mark E. Engberg
Mark E. Engberg
We live in an ever-changing financial landscape, and staying on top of things can be difficult.
Your financial professional can be a key partner in understanding how new laws and changes in tax policies can impact your retirement saving and investments.
In late 2019, the government passed the Setting Every Community Up for Retirement Enhancement Act, which could benefit retirees and retirement savers, as well as parents and college students. Here are six key changes, and what they could mean for you.
1. RMDs kick in at 72: IRS-mandated required minimum distributions from tax-deferred retirement accounts now begin at age 72 instead of 70½.
Sweeten your IRA for your heir
By CAROLYN C. ROGERS - | May 13, 2021
PHOTO PROVIDED
Carolyn C. Rogers
If you are looking for ways to benefit your heir(s) with your IRA while supporting your favorite charity, you may be able to “have your candy and eat it too.” Perhaps you remember the iconic 1972 commercial featuring a gentleman eating a chocolate bar who falls down a flight of stairs landing on a little boy holding a jar of peanut butter. “You got chocolate in my peanut butter,” the boy exclaims, giving accidental birth to the Reese’s Cup two tasty ingredients made better while creating something new and different.
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DOL Rescinds Independent Contractor Rule. On May 6, 2021, the U.S. Department of Labor (DOL) issued a regulation rescinding its independent contractor rule, which was finalized on January 7, 2021, but never went into effect. The withdrawal comes less than three weeks after the close of a public comment docket that generated over 1,000 responses. The DOL stated that it “believes that the Rule is inconsistent with the [Fair Labor Standards Act’s] text and purpose, and would have a confusing and disruptive effect on workers and businesses alike due to its departure from longstanding judicial precedent.” The new regulation does not set forth a new regulatory standard for evaluating independent contractor status, but the
Friday, May 7, 2021
DOL Rescinds Independent Contractor Rule. On May 6, 2021, the U.S. Department of Labor (DOL) issued a regulation rescinding its independent contractor rule, which was finalized on January 7, 2021, but never went into effect. The withdrawal comes less than three weeks after the close of a public comment docket that generated over 1,000 responses. The DOL stated that it “believes that the Rule is inconsistent with the [Fair Labor Standards Act’s] text and purpose, and would have a confusing and disruptive effect on workers and businesses alike due to its departure from longstanding judicial precedent.” The new regulation does not set forth a new regulatory standard for evaluating independent contractor status, but the
House committee advances retirement savings bill accountingtoday.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from accountingtoday.com Daily Mail and Mail on Sunday newspapers.