I attended a seminar offered by accountant, Mitchell E. Benson, CPA, MT, CFF (Savran Benson LLP), Brian C. Vertz, Esquire (Pollock Begg) and Aliah Molczan (Savran Benson LLP) on July 9, 2020. One of the topics discussed was the Payroll Protection Plan (PPP) loans, which were distributed in the second quarter of 2020 to allow
Retirement
A Caution About Funding Current Expenses with IRAs/401(k)s
By Mark Ashton on
Posted in CARES Act, Retirement
On March 27, 2020, we wrote about provisions in the 2020 CARES Act, which expanded 401(k) loan eligibility and permitted funds to be drawn from IRAs without tax consequence, so long as the withdrawal was repaid by 2023. As we wrote this, there seemed to be some “too good to be true elements” to the…
401(K) Loans and IRA Distributions May Be a Lifeline
By Mark Ashton on
As this is written, the bill has not yet passed the House of Representatives, but the CARES Act probably will be law before the week’s end. The newest federal stimulus package is renowned for the distributions it is scheduled to make to families earning less than $100,000 per year. That topic has been much reported. …
Why Your Divorce Lawyer Should be Talking About Retirement & Why You Should be Listening
By Mark Ashton on
Posted in Divorce, Retirement
It is axiomatic that divorce is an emotional process. Samuel Johnson summed up domestic life best when he wrote, “To be happy at home is the ultimate result of all ambition.”
One of the great challenges of representing clients going through this highly emotional chapter of life is that their focus tends to be on…
MILITARY PENSIONS ALSO BEING “REFORMED” FOR THE FIRST TIME IN 70 YEARS
By Mark Ashton on
Posted in Military Issues, Retirement
The recent changes in tax laws have grabbed the headlines but employees of the four branches of the military and the Coast Guard will become part of a new “blended” retirement system passed by Congress in 2016, but effective in 2018.
The 20 or nothing system by which those in service had to stay in…