Tax Warrior Chronicles

by: Cecilia Fernandes and Robert N. Polans, CPA, MT, PFS, ChFC

The COVID-19 pandemic unexpectedly took the lives of many loved ones. It made many of us stop and reflect deeply about what is most important: health and family! With that in mind, there is no better time than now to check your beneficiary designations related to your retirement plan accounts, traditional IRAs and Roth IRAs, tax-deferred annuities, and life insurance policies, to ensure they are all up to date and in line with your overall estate distribution goals.

The recently enacted Coronavirus Aid, Relief and Economic Security Act (CARES Act) created temporary provisions affecting two types of taxpayers: those who wish to preserve depressed retirement assets, and those who need emergency liquidity from their retirement assets.

Over the last several months, the dreaded “R” word has crept into the news. There are economists and analysts who are on both sides of the fence on whether a recession or market correction is coming soon. To help our clients and subscribers, we’ve asked our friend, Robb Parlanti, CFA, a 30-year market veteran and financial advisor at BLBB Advisors, to shed some light on the situation. In Q&A form, here are Robb’s thoughts…

By: Jeremy Gussick, MBA, CFP

As the busy tax season gets into swing, we like to tap friends in the financial planning world to help our clients and subscribers with their planning. Jeremy Gussick of LPL Financial is no stranger to our subscribers.  Today, he talks about taking distributions from various types of retirement accounts in the most tax-efficient manner.

By: Eric R. Elmore

While Congress waivers on whether to reduce retirement savings deductions, all pillars of our retirement system appear to be under stress. A recent Government Accountability Office (GAO) Report highlights the challenges faced by each component of the U.S. "retirement system" and argues the case for a fundamental re-evaluation to better promote future retirement security. And, though the Republican-led Congress rarely follows the GAO’s lead, if you have a 401(k), you should be paying attention to what it is saying.