Fred Reish

The IRS has extended the exemption for annual Required Minimum Distributions (RMDs) for certain inherited IRA beneficiaries through 2024, as detailed in Notice 2024-35. This continues the waiver from 2021-2023, with no penalties for missed distributions for those individuals. Tucker Weppner, CFP®'s update provides further detail about the RMD rules and most recent notice from the IRS. #InheritedIRA #FinancialPlanning #RMD

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🚨 Tax Alert: Major Changes Coming as TCJA Tax Cuts Set to Expire 🚨 As we approach the end of 2025, significant tax changes loom on the horizon. The Tax Cuts and Jobs Act (TCJA) provisions are set to expire, potentially affecting millions of taxpayers. Unless extended by the next administration, these changes will go into effect. Here’s what you need to know: 1️⃣ Individual tax rates will revert to pre-TCJA levels, with the top rate increasing from 37% to 39.6%. 2️⃣ The $10,000 cap on state and local tax (SALT) deductions will be lifted. 3️⃣ The standard deduction will decrease, likely leading more taxpayers to itemize. 4️⃣ The child tax credit will reduce from $2,000 to $1,000 per child. 5️⃣ The 20% deduction for pass-through businesses (Section 199A) will expire. 6️⃣ Estate tax exemptions will approximately halve, affecting more high-net-worth individuals. 7️⃣ Bonus depreciation for businesses will continue to phase out, reaching 0% by 2027. 8️⃣ Alternative Minimum Tax (AMT) exemptions will revert to lower pre-TCJA amounts, potentially subjecting more higher-income taxpayers to the AMT. These changes could significantly impact your tax situation. It’s crucial to start planning now to optimize your financial strategy for the post-TCJA era, while keeping an eye on potential legislative action. What are your thoughts on these upcoming changes? How are you preparing? Share in the comments below! #TaxPlanning #TCJA #FinancialStrategy #wealthplanning

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American Bar Association Retirement Fund Bar members may contribute to this fund. However, remember every court case is opened with a SF 24 Bid Bond via IRS 1099 A to extract money from your minor account (31 CFR § 363.6), which also serves to fund their retirement program. Since this is a revocable trust, if your Trustees (50 USC § 4312, 28 USC § 581(a)) do not perform setoff and discharge and you arrest and attach their bonds, it would suffice that you should be able to attach to this trust fund as a creditor, contact the Trust's Trustee, and instruct them to pay you. SEC Filings: https://lnkd.in/dEzyhNaf

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Interesting thoughts shared by my colleague Justin Elanjian, CPA on the IRS's approach to Tax Credit enforcement in the ERC space. Get his insights here:

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When it comes to succession planning, entity purchase agreements are a popular solution with business owners. A recent U.S. Supreme Court decision, however, now may hinder using this type of agreement. Get an overview of the decision and learn what you can do now to help avoid unexpected results. 👉 https://bit.ly/4bSxiZU

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Developing the technologies that can help us live longer and healthier may take years or decades and require significant investment. Here's what investors need to know.

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A recent government report cited the possibility that the primary trust funds for paying Social Security benefits could be insolvent by 2035. Learn more in this CIO report on the topic.

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What might the just-released NFIB Small Business Index tell us about the U.S. labor market? CIO Larry Adam provides insight into this and other market-moving headlines in Up & Adam.

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A GREAT article by Morningstar that discusses the new IRS rules surrounding IRA's and RMD's. Here are some key takeaways: 📰 Annual RMDs Waived Until 2025: Beneficiaries inheriting after 2019 can skip annual RMDs for 2021-2024. This applies to non-eligible designated beneficiaries (NEDBs) of owners who died after the required beginning date (RBD). Tax Planning Implications: While skipping RMDs might seem beneficial, it could potentially result in a larger tax burden when the 10-year period ends. Advisors should consider having clients take voluntary withdrawals while tax rates are low, as they are expected to rise in 2026. 💸 Eligible Designated Beneficiaries (EDBs): EDBs, including surviving spouses and disabled individuals, are not subject to the 10-year rule and must continue taking RMDs as usual. ❌ Roth IRAs: Inherited Roth IRAs are exempt from the 10-year rule RMDs for the first nine years since Roth IRAs have no lifetime RMDs. Again -- if you have any further questions on these new rules or just need some clarity, please don't hesitate to reach out. Always happy to help! #FinancialAdvisor

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Discover strategies and considerations that can help you navigate your finances and prepare for a US economic downturn.

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Divorce Settlements Savvy Women Wealth Management is an SEC Registered Investment Advisor The opinions expressed in this program are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security. It is only intended to provide education about the financial industry. To determine which investments may be appropriate for you, consult your financial advisor prior to investing. Any past performance discussed during this program is no guarantee of future results. Any indices referenced for comparison are unmanaged and cannot be invested into directly. As always please remember investing involves risk and possible loss of principal capital; please seek advice from a licensed professional.

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Maximizing Your Tax Withholding WWM Financial is an SEC Registered Investment Advisor The opinions expressed in this program are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security. It is only intended to provide education about the financial industry. To determine which investments may be appropriate for you, consult your financial advisor prior to investing. Any past performance discussed during this program is no guarantee of future results. Any indices referenced for comparison are unmanaged and cannot be invested into directly. As always please remember investing involves risk and possible loss of principal capital; please seek advice from a licensed professional.

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