Considerations Before Meeting with Your Estate Planner

Posted By Jordon Rosen, CPA, MST, AEP The coronavirus pandemic has only punctuated a point that planners have been making for years. Everyone needs an estate plan. Admittingly, the process can seem overwhelming, so we’ve broken down several items you can begin to think about prior to your first meeting with your CPA or estate planning attorney. Here’s what you … Continued

High-Level Multidisciplinary Teaming

Posted By Jordon Rosen, CPA, MST, AEP Multi-disciplinary teaming, also known as collaboration, occurs whenever two or more advisors work together in a process that is “client-centric” to design, recommend, and implement specific strategies to the client. The issue at hand could be as simple as recommending a Roth conversion strategy, but also includes planning for retirement, education, portfolio management, … Continued

COVID-19 Update: FAQ Updates for Economic Impact Payments

Posted by Jordon N. Rosen, CPA, AEP The IRS recently updated their FAQ page related to Economic Impact Payments (EIP), also known as Stimulus Payments. To help simplify the details of what was added to this FAQ page, the BLS Team outlined the highlights below.   EIP Update Highlights:   EIP FAQs Related to Double Payments Eligible taxpayers who filed … Continued

2020 Income Tax Planning in Light of COVID-19

Posted By Jordon Rosen, CPA, MST, AEP In light of the pandemic, many individuals could see a dramatic shift in various sources of income, such as wages, self-employment income, interest, dividends, capital gains, retirement plan distributions and rentals. This session looks at how those income sources could impact your overall tax picture and offers timely suggestions for planning for the … Continued

The Need for Estate Planning

Posted By Jordon Rosen, CPA, MSP, AEP With the basic exclusion amount over $11.5 million and growing, along with the availability to port a married decedent’s unused exclusion, most individuals will not have a federal or state estate tax liability. For this and other reasons, many Americans are wrongfully thinking there is no longer the need for estate planning. This … Continued

SECURE Act: Changes to IRA Contributions and Retirement Plan Distributions

Posted By Jordon Rosen, CPA, MST, AEP The SECURE Act made several positive changes including expanding the availability of being able to contribute to an IRA beyond age 70 ½ and increasing the age to 72 for when individuals have to begin taking retirement plan distributions. The Act, with certain exceptions, does away with the “stretch IRA” and replaces it … Continued

COVID-19 Rules for Hardship Distributions and Loans

Posted By Jordon Rosen, CPA, MST, AEP In light of the COVID-19 pandemic, Congress passed the CARES Act which provides qualified individuals the ability to take hardship distributions from their IRA or employer plan during 2020 and either report the income over a 3-year period or repay the distributions within 3 years and avoid paying any tax. The Act also … Continued

COVID-19 Update: Additional Payroll Protection Loan Funds to be Made Available

Posted By Jordon Rosen, CPA, AEP Yesterday, the Senate passed amendments to the Payroll Protection Program (PPP), economic disaster loans, and emergency grants section of the CARES Act. It is expected to be passed by the House and signed by the President later this week. Although he bill does not contain provisions for additional stimulus checks or tax breaks, it … Continued