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Here are your Articles for November 6, 2020. |
| Duffy Kruspodin, LLP’s News |
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Time to consider a Roth conversion
The “new normal” in 2020 has given many taxpayers plenty of reasons to worry about their futures, not only regarding health and work, but also retirement savings and future tax rates. But times of uncertainty like these should not prevent them from looking for planning opportunities such as the potential benefits of a Sec. 408A(d)(3) qualified rollover contribution to a Roth individual retirement arrangement (IRA) or a Sec. 402A(c)(4) in-plan rollover to a designated Roth account in the same qualified retirement plan. Although the statute refers to only a contribution from a traditional IRA as a “conversion,” this article uses the term “Roth conversion” to also include those from other qualified retirement plans and in-plan rollovers to designated Roth accounts.
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Medicare Open Enrollment for 2021 Begins October 15
The annual Medicare Open Enrollment Period is the time during which Medicare beneficiaries can make new choices and pick plans that work best for them. Each year, Medicare plan costs and coverage typically change. In addition, your health-care needs may have changed over the past year. The Open Enrollment Period — which begins on October 15 and runs through December 7 — is your opportunity to switch Medicare health and prescription drug plans to better suit your needs.
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COVID-19-Related Paid Leave Requirements Get a Fine-Tuning
Most business owners know that the Families First Coronavirus Relief Act (FFCRA), which passed in March of 2020, included special paid leave requirements. Now, the rules that govern that paid leave have been modified to bring the original rules into compliance with a federal court decision earlier this year. The overall goal is to ensure that certain employees who are affected by the COVID-19 pandemic get the paid leave they need. Here’s what has changed.
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Put It in a Letter
If you’re like most people, you don’t spend much time thinking about your own funeral. And yet, many people have a vision about their memorial service or the handling of their remains. A letter of instructions can help you accomplish that goal. Find out more by reading this article.
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