You’ve put in the hard work of saving for college, and now it’s time to start using those 529 plan assets to help with a family member’s education-related costs. But before you begin withdrawing those funds, it’s important to understand the difference between qualified and nonqualified expenses.
Part of offering a defined contribution plan, whether a 401(k) or a 403(b) plan, is making sure that the money participants contribute from their paycheck is deposited in their retirement account in a timely manner. While this might seem like a relatively minor and simple task in the scope of a plan sponsor’s fiduciary duties, the Department of Labor (DOL) views non-compliance with remittance rules as a major issue, and missing deadlines for deposits—even by a couple of days—can carry significant penalties.
As you may be aware, on June 28, 2018, Governor Charlie Baker signed a landmark bill requiring all employers in the state of Massachusetts to provide workers with paid family and medical leave—giving Massachusetts one of the most generous paid family and medical leave programs in the country.
Recently, we have had questions from several of our clients asking about phishing email scams, and more importantly, how to recognize and avoid them.
There's a lot to consider as you prepare for retirement, so it's wise to begin planning well ahead of time. Once you begin nearing retirement age, the checklists below can help you stay on track for the retirement you have envisioned.
In today's world, we hear about cyber security breaches all the time. They impact businesses of all sizes, from corporate giants like Target and Equifax, to small local businesses. Malicious individuals can gain access to a private network through any number of weak points, causing real damage to the business and their clients—damage that is often extremely expensive to repair, and can be irreparable in terms of reputation.
If you're like many parents, you may be wondering whether saving too much for college will decrease your child's chances of receiving need-based federal financial aid. Here's an overview of how different types of assets fit into the financial aid equation.
The Bipartisan Budget Act of 2015 created some new rules around Partnership Audits—rules that went into effect for tax years after January 1, 2018, with elections that may need to be made on this year's tax return.
As you may be aware, the IRS recently provided a safe harbor to determine when a rental real estate enterprise will qualify as a trade or business, and thus able to receive the 20% Qualified Business Income (QBI) tax deduction. This IRS notice states that a rental enterprise will be treated as a qualifying trade or business if the following three requirements are met:
When it comes to their retirement accounts, many investors often fail to think about required minimum distributions (RMDs). That oversight can lead to unnecessary tax burdens and other financial issues. In order to handle RMDs effectively, an understanding of the rules—and common errors people make—can be beneficial.
