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Tax Consequences Of Retirement Plan Hardship Distributions For Employees And Employers
Tax Consequences Of Retirement Plan Hardship Distributions For Employees And Employers During the economic slowdown, many individuals are looking to their retirement savings to augment their unemployment benefits or help carry them through a period of hardship. With a lack of other cash sources, individuals are taking plan loans and hardship distributions from their retirement funds. The IRS recently...
October 1st, 2009 by The Tax Man
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BREAKING NEWS: Required minimum distributions (RMDs)
Image via Wikipedia Almost everyone’s portfolios have taken a hit in 2008 with the slowdown in the economy. The recently-passed Worker, Retiree and Employer Recovery Act helps individuals who must take required minimum distributions (RMDs) from their retirement accounts. The Act suspends RMDs for 2009. What is an RMD A RMD is the amount that an individual must take from his or her qualified...
February 22nd, 2009 by The Tax Man
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Tax Breaks for Active Military Personnel and Reservists
More than three million individuals are either on active or reserve duty with the U.S. armed forces. Just before Memorial Day, Congress gave these individuals and their families some important tax relief in the Heroes Earnings Assistance and Relief Tax Act of 2008. The tax incentives are targeted to military personnel on active duty, reservists called to active duty and military families. Image...
February 9th, 2009 by The Tax Man
