Think Advisor

IRA data released from the Joint Committee on Taxation revealing some mega-million dollar IRA and Roth IRA balances has set off alarm bells, with Congress citing shock and “abuse” and looking for something to do about this.But there is really no story here when you look at the numbers

In this episode of Human Capital, Ed Slott of Ed Slott & Co.relays important tax advice related to potential changes to the stepped-up basis and estate tax, and also warns that the potential boosting of the required minimum distribution age to 75 is likely “useless,” and that lawmakers may actually be “creating a bigger problem” with such a change.

A new study by the Investment Company Institute shows U.S.households’ missed opportunity in maximizing IRA contributions, according to IRA expert Ed Slott, an area where advisors can provide “significant value.”

The Internal Revenue Service and Treasury Department issued new guidance Wednesday ending the prohibition on “double dipping” when it comes to expenses paid with funds from Paycheck Protection Program loans.

Ed Slott, the Rockville Centre, New York-based CPA, editor of the newsletter Ed Slott’s IRA Advisor, and author of “The New Retirement Savings Time Bomb” (Penguin Books), to be released in March, recently talked to ThinkAdvisor with some advice about how tax law changes.Here are excerpts from our interview:

The Securities and Exchange Commission’s Regulation Best Interest requires advisors and broker-dealers to have a process to document their rollover recommendations — something most advisors don’t have, warns IRA and tax specialist Ed Slott.

The Securities and Exchange Commission’s Regulation Best Interest requires advisors and broker-dealers to have a process to document their rollover recommendations — something most advisors don’t have, warns IRA and tax specialist Ed Slott.

In this episode, we check in with IRA and tax specialist Ed Slott of Ed Slott & Co., on what the recent debt and deficit numbers reported by the Congressional Budget Office mean for retirement plan participants.

IRA expert Ed Slott, president of Ed Slott and Co., stressed that the COVID-19 pandemic “shouldn’t be down time” for advisors: “This is the time you want to strengthen your relationships.”

In particular, he said, many clients need your help understanding the federal government’s COVID-19 relief initiatives, including breaks on required minimum distributions from retirement accounts.

Sen.Ben Cardin, D-Md., signaled Thursday that the next round of coronavirus stimulus could likely include required minimum distribution relief.

During an early Thursday afternoon webcast held by the American Council for Capital Formation, Cardin was questioned on measures lawmakers could take to deal with the massive withdrawals from retirement accounts taking place now.