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Retirement Plans

A guide to drawing down your savings in retirement

A guide to drawing down your savings in retirement

As reported in the LA Times, “A guide to drawing down your savings in retirement.” The approach of retirement should be an exciting time for 50- and 60-somethings. But when the issue is your finances — and whether you’ve saved enough to last the rest of your life — excitement can quickly be overridden by […]

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How to divvy up assets as you head for retirement

How to divvy up assets as you head for retirement

As reported in the LA Times, “How to divvy up assets as you head for retirement.” Choosing how to invest retirement savings often ends up being a dartboard exercise for younger people, because it all seems so theoretical. As the date of retirement or semi-retirement gets nearer, however, you begin to realize that your financial […]

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Trends in retirees’ income, including Social Security benefits, and taxes

Trends in retirees’ income, including Social Security benefits, and taxes

As recently highlighted by Reuters, taxpayers’ tax burdens tend to decrease when they retire. There are a number of contributing factors, including a shift in the types and amount of income received, trends in retirees’ taxes, and  the tax treatment and reporting of Social Security benefits, noting that the percentage of retirees who pay tax […]

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When it comes to taxes, it is good to be retired

When it comes to taxes, it is good to be retired

CHICAGO (Reuters) – Tax day is April 18th this year, and it will be an unpleasant day for millions of American working households. But cheer up: your tax situation likely will lighten up a bit when you retire. The Internal Revenue Service takes it easy when it comes to taxation of Social Security, and many […]

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Well-kept secret for U.S. taxpayers: the Saver’s Credit

Well-kept secret for U.S. taxpayers: the Saver’s Credit

CHICAGO (Reuters) – It sounds too good to be true: some workers can get a double tax benefit by saving for retirement. But the federal Saver’s Credit does just that by providing a second layer of tax incentives for lower-income households beyond the benefit of tax deferral that everyone receives for contributing to a 401(k) […]

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Growing pains for millennial taxpayers

Growing pains for millennial taxpayers

NEW YORK (Reuters) – The typical millennial tax client that accountant Jeffrey Gentner sees in Buffalo, New York is often dragged along by mom or dad to suffer through the process. Gentner had one such family in his office recently – a dad who brought in three sons, aged 25, 28 and 33. They just […]

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Plans’ benefits couldn’t be treated as single optional form, but could be aggregated for testing

Plans’ benefits couldn’t be treated as single optional form, but could be aggregated for testing

PLR 201605006 IRS has privately ruled that a defined benefit plan’s unsubsidized single sum benefit and a defined contribution plan’s single sum benefit—both of which were provided upon termination of employment—couldn’t be treated as single optional form of benefit under Reg. § 1.401(a)(4)-4(e)(1)(i). However, they could be aggregated for nondiscrimination testing purposes under Reg. § […]

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Proposed Regs would modify nondiscrimination requirements for certain retirement plans

Proposed Regs would modify nondiscrimination requirements for certain retirement plans

Preamble to Prop Reg1/28/2016; Prop Reg § 1.401(a)(4)-2, Prop Reg § 1.401(a)(4)-3, Prop Reg § 1.401(a)(4)-4, Prop Reg § 1.401(a)(4)-8, Prop Reg § 1.401(a)(4)-9 , Prop Reg § 1.401(a)(4)-12 , Prop Reg § 1.401(a)(4)-13 IRS has issued proposed regs that would modify the nondiscrimination requirements applicable to certain retirement plans that provide additional benefits to […]

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Proposed reliance regs clarify “normal retirement age” for governmental plans

Proposed reliance regs clarify “normal retirement age” for governmental plans

Preamble to Prop Reg 1/26/2015, Prop Reg § 1.401(a)-1 IRS has issued proposed reliance regs that provide rules on whether the normal retirement age (NRA) under a governmental plan that is a pension plan satisfies the requirements of Code Sec. 401(a) and whether the payment of definitely determinable benefits that commence at the plan’s NRA […]

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White House announces retirement savings incentives that will be in 2017 budget

White House announces retirement savings incentives that will be in 2017 budget

FACT SHEET: Building a 21st Century Retirement System, issued by the White House (Jan. 26, 2016). On January 26, the White House released a Fact Sheet in which it announced proposals that would expand access to workplace retirement savings opportunities and increase the portability of retirement savings. The proposals will be detailed further in President […]

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Tax effects of employees being able to contribute unused vacation to 401(k), HRA plans

Tax effects of employees being able to contribute unused vacation to 401(k), HRA plans

PLR 201601012 In a private letter ruling, IRS has determined that provisions in an employer’s 401(k) plan and its retiree medical expense reimbursement plan that allow employee contributions to those plans of the dollar equivalents of the employees’ unused vacation time do not result in the offering of an additional qualified cash or deferred arrangement […]

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Treasury expands funding options for myRAs

Treasury expands funding options for myRAs

U.S. Treasury Launches myRA (my Retirement Account) to Help Bridge America’s Retirement Savings Gap (Nov. 4, 2015). The U.S. Department of the Treasury (Treasury) has announced that it has expanded the ways that taxpayers can fund myRAs (my Retirement Accounts), which are a type of government-administered Roth IRA initially offered by Treasury in 2014. Background […]

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Are you about to lose $50,000 in future Social Security benefits?

Are you about to lose $50,000 in future Social Security benefits?

As reported in the OC Register, in an article by Bloomberg News: The U.S. budget deal comes with a Social Security surprise: a provision that could take a $50,000 bite of out some Americans’ lifetime benefits. The deal President Barack Obama and congressional leaders have reached would end a strategy, called file and suspend, that […]

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Many retirement plan dollar limits are unchanged for 2016

Many retirement plan dollar limits are unchanged for 2016

  IR 2015-118 IRS has announced the 2016 cost-of-living adjustments (COLAs) for retirement plans. Many of the limits pertaining to pension and other retirement plans, which are adjusted by reference to Code Sec. 415(d), are unchanged for 2016 since the increase in the cost-of-living index didn’t meet the statutory thresholds that trigger their adjustment. The […]

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Year-end planning: reducing exposure to the 3.8% surtax on unearned income

Year-end planning: reducing exposure to the 3.8% surtax on unearned income

For high earning taxpayers, year-end tax planning for 2015 includes facing the complication of the 3.8% surtax on unearned income under Code Sec. 1411. This article takes a look at year-end moves that can be used to reduce or eliminate the impact of this surtax, including overall year-end strategies for coping with it and specific […]

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IRS explains how retirement plan administrators request waiver of electronic filing requirement

IRS explains how retirement plan administrators request waiver of electronic filing requirement

Rev Proc 2015-47, 2015-39 IRB In a Revenue Procedure, IRS has set forth procedures for plan administrators of retirement plans (or, in certain situations, employes maintaining retirement plans) that are required to file electronically Form 8955-SSA, Annual Registration Statement Identifying Separated Participants With Deferred Vested Benefits, and Form 5500-EZ, Annual Return of One-Participant (Owners and […]

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Convincing a Client He’s Saved Enough to Retire

Convincing a Client He’s Saved Enough to Retire

Convincing a Client He’s Saved Enough to Retire, as reported in the WS Journal. Minutes into their first meeting, Scott Dougan could see that his new client was stressed. The man sat with his arms crossed and was defensive and frazzled by Mr. Dougan’s questions. “He had worked for the same company for 30 years, […]

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Just How Risky Is Your Portfolio? – Here Are Five Ways to Size Up Your Holdings

Just How Risky Is Your Portfolio? – Here Are Five Ways to Size Up Your Holdings

Just How Risky Is Your Portfolio? – Here Are Five Ways to Size Up Your Holdings, as reported in the WS Journal. U.S. stocks are expensive by historical standards and the market has been choppy since mid-September. Nervous? To figure out how much risk you’re exposed to, try looking at your portfolio from five different […]

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Have the Right Tools for Retirement – Five Steps That Will Make Post-Employment Easier

Have the Right Tools for Retirement – Five Steps That Will Make Post-Employment Easier

Have the Right Tools for Retirement – Five Steps That Will Make Post-Employment Easier, as reported in the WS Journal. You wouldn’t play golf without a full set of clubs. Don’t go into retirement without a fully equipped retirement toolbox. Retirement brings the freedom to explore a new stage of life. But for many, after […]

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Don’t Spend Old Age Pinching Pennies – Four Strategies for Those Who Are Close to Retirement

Don’t Spend Old Age Pinching Pennies – Four Strategies for Those Who Are Close to Retirement

Don’t Spend Old Age Pinching Pennies – Four Strategies for Those Who Are Close to Retirement, as reported in the WS Journal. Half of us need to make serious financial changes—or we won’t be able to maintain our standard of living once retired. According to the National Retirement Risk Index created by Boston College’s Center […]

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Meet Paul Raymond

Meet Paul Raymond

Mr. Raymond is a sought after speaker in tax controversy law by many attorney, accountant, and business groups and at the request of the Internal Revenue Service, has presented programs at the IRS Nationwide Tax Forum, attended by tax professionals throughout the United States.

Additionally, he continues to be an active member in the Section of Taxation, American Bar Association, where he was the Past Chair of the Employment Taxes Committee.

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Member CA Bar Member Orange County Bar US Tax Court Attorney