Looking Beyond the 401(k) to Save for Retirement If proposals to curb the size of individual retirement accounts and 401(k)s take effect, clients with large IRAs and 401(k)s will need to consider alternate methods of saving for retirement.  Darla Mercado, Personal Finance Writer, discusses a few options including, deferred compensation plans, health savings accounts, and after-tax contributions to 401(k)s. ...

Many Americans Suffer From Financial Anxiety Americans are becoming steadily more worried about their finances, and 85% of those participating in a recent Northwestern Mutual study said they are experiencing some kind of financial anxiety, explains Sean Williams.  About two-thirds of those surveyed said the problem has reached the point that anxiety is hurting their health. To read the full article in The M ...

Retired CPAs Share Retirement Advice The transition into retirement can be challenging for CPAs who have grown accustomed to the daily routine and demands associated with the accounting profession.  Maria L. Murphy, freelance writer, discusses seven tips from accountants who have successfully transitioned for making the most of life after work. To read the full article in the Journal of Accountancy, click: ...

Retirement Savings Require Prioritization of Financial Goals Saving for retirement requires balancing several different objectives such as paying down debt, setting aside enough money to handle emergencies, and making contributions to retirement accounts.  Brian Preston and Bo Hanson discuss that how you prioritize these goals will depend on your personal financial situation. To read the full article in U.S ...

How Delaying Retirement One Year Provides Financial Advantages Working just one additional year before retirement can increase your Social Security benefits and provide other financial advantages.  Emily Brandon, senior editor for Retirement at U.S. News, discusses this and that an additional year also means continuing to receive company benefits instead of paying for them yourself. To read the full article ...

Couples Face Many Challenges in Retirement Planning A lot can go wrong when couples plan for retirement.  Updating important documents and communicating about retirement goals and plans can help couples overcome challenges.  Rodney Brooks, columnist for The Washington Post, discusses some tips to help couples become more prepared. To read the full article in The Washington Post, click: When it Takes Two to ...

CPAs can increase billings by catering to exiting baby boomer business owners. Baby boomer businesses may represent a material percentage of a CPA firm’s clientele. As a record number of these business owners begin the succession/exit process, hidden opportunities exist for firms to increase billing, if you know how to spot them. ...

With the number of retirements in the accounting profession expected to soar over the next decade, many foresee a wave of CPA firm sales happening at the same time.  Anticipating the trend, the Journal of Accountancy has offered up its method of valuing a CPA firm, but the method and results differ depending on whether an external transaction or internal transfer is involved.  Of particular concern is the s ...

Agreements that work for both death and lifetime transfers Buy/sell agreements are absolutely critical to succession planning, but are too often neglected. Even when they are set up, they are generally structured to be funded by life insurance proceeds, in the event of death, rather than company cash flow. John H. Brown explains why this can be a big mistake and how certified valuation analysts (CVAs) are i ...

California Sanctions Husband for Hidden Account. Wisconsin Finds ESOP Was Properly Governed In White v. Marshall & Isley Corporation, the U.S. District Court for the Eastern District of Wisconsin dismisses a case asserting that employee stock ownership plan (ESOP) fiduciaries violated their duty of prudence. In re: Simmons, tried in the Court of Appeals of California, found the husband subject to additi ...

Plus: Bishop v. Commissioner Rules on When and Whether a Bad Debt Loss Can Be a Claimed Deduction In Schwab v. Commissioner, a case turns on when a variable universal life insurance policy is a taxable event.  In Boone Operations Co., LLC v. Commissioner, find out when contributing fill dirt to the city of Tucson is or isn’t a charitable or taxable event. ...