CalSavers Retirements Savers Program
his is a reminder that the final implementation deadline for the CalSavers Retirement Savings Program (“CalSavers”) is June 30, 2022. California employers meeting certain requirements must offer a qualified retirement plan to its employees by either sponsoring a qualified retirement plan or registering in the CalSavers plan. For more information about this program or how […]
Required Minimum Distributions (“RMD”) From Retirement Plans In 2022
The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act and the Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE Act”) have made several important changes to required minimum distributions (“RMD’s”) which were effective in 2020, including the waiver of RMD’s and increasing the applicable age from 70 ½ to 72. Currently, no […]
CalSavers Retirement Savings Program Requirements
Tax Law Insights, Recently Published, Payroll and Payroll Taxes On September 29, 2016, former California Governor Jerry Brown signed into state law senate Bill 1234 to implement the California Secure Choice Retirement Savings Program. The program was officially renamed the CalSavers Retirement Savings Program (“CalSavers” or “program”) in December 2017. The program mandates that all private California […]
Employee Stock Ownership Plan
Do you own a closely held company? Are you approaching retirement age? If so, you may be struggling to balance conflicting goals for your business. An employee stock ownership plan (ESOP) may help. Business owners often need to tap at least some of the value of their business to fund their retirement. At the same […]
Charitable IRA Rollover Eases Tax Pain of RMDs
One downside of contributing to a traditional IRA is that, once you reach age 70½, you must begin taking required minimum distributions (RMDs) — and pay taxes on those distributions — whether you need the money or not. But if you’re charitably inclined, you can use a qualified charitable distribution (QCD) to avoid taxes on […]
Dynasty Trust
The Tax Cuts and Jobs Act (TCJA) signed into law this past December affects more than just income taxes. It’s brought great changes to estate planning and, in doing so, bolstered the potential value of dynasty trusts. Exemption changes For the estates of persons dying and gifts made after December 31, 2017 and before January […]
