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This week’s episode kicks off with tax management guru Ed Slott giving advisers some solid year-end tax strategies to employ, regardless of where the Biden tax hikes end up.For his second guest, Jeff talks with David DeVoe about the pace of record-setting consolidation in the wealth management space

With the end of the year just around the corner, now is the time to consider year-end strategies for tax planning. Ed Slott, CPA, suggests that low tax rates offer opportunities for some taxpayers to make some smart retirement moves.

The holidays are approaching, so hopefully there’s some free time to pick up a new read. Here’s a list of our top picks.

You may also want to peruse the original list. Here’s the link.

Happy reading from the Retirement Daily team!

The clock may be ticking on backdoor Roths. The latest proposal (under a House of Representatives bill submitted on November 19, 2021) would eliminate both the regular backdoor Roth and the mega-backdoor Roth next year for everyone, regardless of income.

The November 3 version of the Build Back Better Act has resurrected retirement law changes that will curb high balance accounts and popular wealth building strategies including backdoor Roth IRAs and aftertax 401(k) contributions.There’s also a new $2.5 million retirement account reporting mandate, presumably to help the Internal Revenue Service with compliance. 

The elimination of backdoor Roth IRA conversions has made it back into the latest version of House Democrats’ tax and spending bill.

President Joe Biden’s Build Back Better framework excluded the retirement planning provisions that were approved in the House Ways and Means Committee’s Build Back Better bill in mid-September.

As we’ve seen from recent tax proposals, Congress has retirement accounts in its sights for future tax increases, especially the larger IRAs. We know what the tax rules and tax rates are for 2021, but advisers can also help clients make some defensive moves now, just in case any of these IRA tax proposals resurface in future years.

How well do you understand required minimum distributions (RMDs), which the IRS describes as “the minimum amount you must withdraw from your [retirement] account each year”?RMDs can be complicated, and there are changes coming for 2022 related to how they are calculated: In short, the divisors are increasing, which means the amount required to be withdrawn is decreasing.

My wife and I are about 10 years from retirement.We want to begin converting money in our individual retirement accounts to a Roth IRA, but the tax bite looks like a problem

Willie Delwiche, investment strategist for All Star Charts, says that the messy, sloppy range-bound market that we've seen since February is going to continue sideways for a while but ultimately will resolve itself to the upside, confirming a consolidation that is healthy for the long term.