President Obama’s Fiscal Year 2014 budget contains a provision which proposes to eliminate the Internal Revenue Code Section 404(k) deduction, which allows a deduction for dividends paid on certain employer securities. The ESOP Association expressed disappointment with this proposal. Click below to read the articles on ESOPAssociation.org and PLANSPONSOR.com. http://www.esopassociation.org/news-landing/2013/04/10/the-esop-association-disappointed-with-esop-proposal-in-president-obama-s-budget http://www.plansponsor.com/NewsStory.aspx?id=6442492677
Read More...WSJ.com — Now He’s After Your 401(k) The White House pulls a switcheroo on retirement savings accounts. How many times have you read financial-advice stories lecturing you to max-out on your IRA, save as much as you can in your 401(k), and even pay taxes now to change your regular IRA into a Roth IRA [...]
Read More...– CO-CHAIR HOUSE DEMOCRATIC STEERING AND POLICY COMMITTEE Please join Alex Brucker of Brucker & Morra at a reception for Congressman Robert Andrews on Friday, April 19, 2013, at 8:00AM at the offices of Green Hasson Janks in Westwood (Los Angeles), CA. Twelve-term Congressman Andrews was recently appointed Co-Chair of the House Democratic Caucus Steering [...]
Read More...By Alexander Bolton – 03/22/13 06:00 AM ET Prospects for tax reform in Congress are in limbo because of a fight over whether the effort should raise revenue to reduce the deficit. The dispute has held action by the Senate Finance Committee, which has not begun preliminary work on overhauling the tax code. Senate Finance [...]
Read More...Beware of Confusing Definitions of Compensation According to the IRS the most prevalent pension/401(k) Plan operational failures discovered upon audit is the use of operational definition of compensation that is not consistent with the plan document several definitions of compensation. Read the article here: http://www.plansponsor.com/blines_Ask_the_Experts_Different_Definitions_of_Compensation.aspx Brucker & Morra can help you demystify the confusion. [...]
Read More...As the government looks for budget solutions, defined contribution (DC) plan tax breaks fall in the crosshairs. The tax advantages of DC plans, estimated to defer tax revenues by $50 billion to $60 billion a year, will be one of Congress’ sticking points in the coming year. Click to read the article: http://www.plansponsor.com/Tax_Reforms_to_Loom_Over_401ks_in_2013.aspx American Association [...]
Read More...Plan Sponsors Beware – Cannot Rely on Future Prediction of Tax Treatment: A California Court ruled that a plan sponsor cannot reasonably rely on a plan consultant’s (TPA’s) future predictions that its defined benefit plan would always qualify for favorable tax treatment. See, Brakke v. Economic Concepts Inc http://www.courts.ca.gov/opinions/documents/G045846.PDF. Nothing can replace a benefits lawyer’s independent [...]
Read More...Advisorone News – Limiting 401(k) subsidies: smart deficit reduction or dumb double taxation? By Gil Weinreich, February 26, 2013 A 28% cap on retirement deductions was just one o f 15 proposals of the Brookings Institution’s Hamilton Project. http://www.advisorone.com/2013/02/26/limiting-401k-subsidies-smart-deficit-reduction-or
Read More...Bloomberg News — Capping Top Earners’ 401(k) Benefit Seen as Cost Cutter By Margaret Collins – Feb 25, 2013 8:32 AM PT Pressure is growing to change incentives for retirement savings as U.S. lawmakers look for revenue, and top earners may pay the price. Click here for the article: http://www.bloomberg.com/news/2013-02-25/capping-top-earners-401-k-benefit-seen-as-cost-cutter.html Call Brucker & Morra at [...]
Read More...The IRS has posted frequently asked questions (FAQs) and answers regarding required minimum distributions (RMDs). These frequently asked questions and answers provide general information and should not be cited as any type of legal authority. They provide the user with information responsive to general inquiries. Because these answers do not apply to every situation, your [...]
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