Mini COBRA Insurance Coverage
Here’s a question that has recently come up with some of our clients – What is Mini COBRA? First of all, let’s talk about COBRA itself. COBRA is a program by the federal government that gives all employees the opportunity to continue their insurance coverage if they become unemployed. This federal COBRA law [...]
Required Minimum Distribution and the ‘Still Working’ status
This question seems to keep coming up more and more since people are working longer. Clients often ask if the have to take their “required minimum distribution” even though they are still working past age 70-1/2. The “still working” exception only applies to your current employer, only if the employer plan allows it, and you [...]
Payroll Tax Cut Extension 2012
On the evening of Feb. 22 at the White House, President Barack Obama signed into law the Middle Class Tax Relief and Job Creation Act of 2012, H.R. 3630. On Feb. 23, the IRS released a revised Form 941, Employer’s Quarterly Federal Tax Return, to reflect the extended payroll tax cut. The act extends the [...]
529 Plan Overfunding–What to Do
Earlier this week Georgette Jasen of The Wall Street Journal discussed the dilemma of overfunding 529 plans. In her article, Georgette discusses the current economic environment and how most parents are concerned about not having enough money for their child’s education. Most of those same parents are using 529 plans to accumulate the funds they [...]
Name Change? Notify IRS and Social Security Administration
Have you changed your name recently due to marriage, divorce or other reasons? If so, you need to notify the Social Security Administration on Form SS-5. If you don’t it may complicate things with the IRS. Need more information? Check out Tax Tips on the IRS Website relating to Five Tips for Recently Married or Divorced [...]
