With the passage of the SECURE Act in late 2019 and the SECURE Act 2.0 of 2022, financial advisors, planners, and insurance professionals are in need of up-to-date, reliable tools and expert insights into income tax planning techniques.
Every area of tax planning covered in this book is accompanied by the tools and techniques you can use to:
- Help your clients successfully navigate the latest income tax rules and regulations;
- Quickly simplify the tax aspects of complex planning strategies; and
- Confidently advise your individual clients as well as small- and medium-size business owners.
You'll find:
- Detailed explanations of complex real-world tax issues
- Easy-to-read explanations of how various tax strategies work and when they should and should not be employed
- Clear, thorough examples that show exactly when certain tax rules apply and how planners can help their clients avoid “tax traps” that can lead to unexpected and unnecessary tax liability
- Comprehensive explanation of investment-related tax concepts, which help investors and planners devise tax-efficient strategies
- Thoughtful, independent advice about the best strategies for specific situations
New in the 8th Edition:
- Updated SECURE Act chapter and a brand new chapter on the SECURE 2.0 Act, including legislation updates through the year 2033
- New SECURE 2.0 Act chapter includes legislation updates on topics such as catch-up contributions, Roth IRA plan changes, and automatic enrollment
- Details on IRS and DOL regulatory changes
- Updates to keep all chapters up-to-date, such as changes to form 1040 made in 2018 for Chapter 7 and new like-kind rules from 2018 for Chapter 29
- Updated advice on retirement planning issues, the unwinding of COVID-19 legislation, and changing RMD withdrawal and penalty requirements
- New plan contribution and catch-up provisions, including updated student loan matching options and Roth contribution options for SEP and SIMPLE retirement plans
- Updated plan and IRA distribution options including new 10% penalty waivers, and new withdrawal types for domestic abuse, family emergencies, 529 Roth conversions, and more
- Litigation updates
Key Topics Covered:
- SECURE Act and SECURE Act 2.0
- Contribution limitations, including Roth IRAs and mandated employer contributions
- Capital gains and losses, including both long-term and short-term gain
- Tax planning for small and medium-sized businesses as well as individuals
- Information on tax filing, including filing status, when to file, and failure-to-pay penalties
- Asset planning and retirement planning, including required minimum distributions
