Retirement

Roth IRA Conversion in the Era of COVID-19

Is it right for you? The COVID-19 pandemic has shaken up nearly every aspect of American life. To say it’s been a difficult time would be an understatement. However, difficult times may open doors to new possibilities. Businesses are changing their ways of operating, and individuals are exploring new avenues for investment. It may be [...]

Key Provisions of the CARES Act

Distributions can be waived in 2020 for Inherited Accounts, 401(k)s, and IRAs. Recently, the $2 trillion “Coronavirus Aid, Relief, and Economic Security” (“CARES”) Act was signed into law. The CARES Act is designed to help those most impacted by the COVID-19 pandemic, while also providing key provisions that may benefit retirees.1 To put this monumental [...]

PA State Tax Filing Deadline Moved, Office update

In this period of change due to the COVID-19 threat, we have seen how decisions by government officials alter by the hour. As a result of this, after we sent out our announcement on Friday, March 20th, that the Life Financial Group and Beacon Tax offices would be closed in the state of Pennsylvania, we [...]

The SECURE Act

Long-established retirement account rules change. The Setting Every Community Up for Retirement Enhancement (SECURE) Act is now law. With it, comes some of the biggest changes to retirement savings law in recent years. While the new rules don’t appear to amount to a massive upheaval, the SECURE Act will require a change in strategy for [...]

Red Flags for Tax Auditors

Here are six flags that could make your tax return prime for an I.R.S. audit. No one wants to see an Internal Revenue Service (I.R.S.) auditor show up at their door. But in 2018, the I.R.S. budget is roughly $1 billion less than it was 8 years ago, down from $12.1 billion in 2010 to [...]

Caution on Your Tax Withholding for 2018 / 2019

  Following feedback from the payroll and tax communities, the Treasury Department and the IRS will make changes into a new version of the Form W-4, Employee’s Withholding Allowance Certificate, for 2020.  The 2019 version of the Form W-4 will be similar to the current 2018 version. The Form W-4 for use in 2020 will help employees improve withholding accuracy, and [...]

Your Social Security Benefits & Your Provisional Income

Earning too much may cause portions of your retirement benefits to be taxed.  You may be shocked to learn that part of your Social Security income could be taxed. If your provisional income exceeds a certain level, that will happen. Just what is “provisional income”? The Social Security Administration defines it with a formula. Provisional [...]