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Category: Retirement Planning

December 20, 2019

Spending Bill Extends Tax Breaks, Adds Retirement Account Provisions

With its winter recess looming before it, Congress has engaged in a flurry of activity. Most notably, it reached agreement on a massive governmentwide spending package titled the Further Consolidated Appropriations Act, 2020. The legislation extends certain income tax provisions that had expired, as well as some that were due to expire at the end of 2019. Congress traditionally passes so-called “extenders” annually, but it neglected to do so for 2018. As a result, several popular breaks for both individuals… Read more ›

December 20, 2019

May Barnhard Investments Launches New Website

December 20, 2019 (Bethesda, MD & Washington, DC) – May Barnhard Investments, the fee-only financial advisory affiliate of Councilor, Buchanan & Mitchell, P.C., has launched its new website, providing details about the expertise of MBI’s nine financial and investment management professionals, and an overview of the firm’s relationships with individual and institutional clients. The new May Barnhard Investments website can be accessed at www.maybarnhardinvestments.com. “When we welcomed MBI in late 2018, we wanted to enhance its visibility so clients understood… Read more ›

December 3, 2019

Year-End Tax Planning in a Tax Cuts and Jobs Act World – 2019 Year-End Tax Planning Letter for Businesses

A PDF version of CBM’s year-end tax planning letter for businesses can be accessed by clicking here. Dear Business Owner: As this year is about to end, now is an excellent time for businesses to review their current tax planning strategies to ensure they’re still meeting intended goals and develop plans for 2020. It’s also a good time to take advantage of last-minute planning opportunities that could save money now and in the coming year. With that in mind, business… Read more ›

November 23, 2019

Factor 2020 Cost-of-Living Adjustments Into Your Year-End Tax Planning

The IRS recently issued its 2020 cost-of-living adjustments. With inflation remaining largely in check, many amounts increased slightly, and some stayed at 2019 levels. As you implement 2019 year-end tax planning strategies, be sure to take these 2020 adjustments into account in your planning. Also, keep in mind that, under the Tax Cuts and Jobs Act (TCJA), annual inflation adjustments are calculated using the chained consumer price index (also known as C-CPI-U). This increases tax bracket thresholds, the standard deduction,… Read more ›

October 18, 2019

CBM Presentation Inspires Donations in Support of Mid-County United Ministries

CBM Executive Vice President Debbie May generated $400 in donations for Mid-County United Ministries by developing an inspired lunch networking and presentation event on Thursday, October 17 featuring guest speaker Susy Elder Murphy. Murphy, owner of Debra Levy Eldercare Associates, led a presentation at CBM’s Bethesda, MD office for retirement-aged individuals, or those nearing retirement, on financial and life decision-making at the end of one’s career. One key focus area was whether to remain in one’s home or move to… Read more ›

August 13, 2019

DOL Expands Retirement Plan Options for Smaller Businesses

The U.S. Department of Labor (DOL) has released a final rule which should make it easier for smaller businesses to provide retirement plans to their employees. According to the DOL, the rule will enable more small and midsize unrelated businesses to join forces in multiple employer plans (MEPs) that provide their employees a defined contribution plan such as a 401(k) plan or a SIMPLE IRA plan. Certain self-employed individuals also can participate in MEPs. In October 2018, the DOL issued… Read more ›

June 26, 2019

The SECURE Act and Your Retirement Savings

On May 23, the House of Representatives passed the Setting Every Community Up For Retirement Enhancement (SECURE) Act, a bill endorsed by both Republicans and Democrats designed to improve the retirement system of our nation. Approximately one out of five working Americans has no savings for retirement. According to a survey conducted by Bankrate.com, not saving enough for retirement is Americans’ top financial regret. The proposed bill would bring significant changes to retirement plans. The bill includes 29 provisions, many… Read more ›

December 6, 2018

2018 Year-End Tax Planning Letter for Individuals

Please note that following our year-end tax planning letter below are links to additional tax planning resources.  As this year is about to end, now is an excellent time to review your current tax planning strategies to ensure they’re still meeting your needs, and develop plans for 2019. It’s also a good time to take advantage of last-minute planning opportunities that could save you money now and in the coming year. With all that in mind, please call Marcia Cohen… Read more ›

November 1, 2018

CBM Acquires Financial Planning and Investment Management Firm, May Barnhard Investments (MBI)

Acquisition Expands CBM Financial Planning and Investment Management Services CBM – Councilor, Buchanan & Mitchell, P.C. (CBM) has acquired May Barnhard Investments, LLC (MBI) effective November 1, 2018. MBI, a fee-only financial management firm, provides comprehensive financial planning and investment management services to help clients pursue their life goals with confidence. MBI was founded in 2013 by Debora May, CPA, CFP®, CDFA®, Judith Barnhard, CPA, CFP®, CDFA®, Jeff May, CPA and Alex Seleznev, MBA, CFP®, CFA. Ms. May, Ms. Barnhard… Read more ›

December 7, 2017

Tax-Favored Retirement Plans for Law Firm Partnerships

When it comes to setting up a tax-favored retirement plan — such as a 401(k) plan, a pension or profit sharing plan, or a simplified employee pension (SEP) plan — law firm partnerships must follow essentially the same federal income tax rules as other employers. A partnership retirement plan can potentially cover both partners of the practice and eligible firm employees. However, partnership plans can be a bit confusing because partners are considered to be employees of the firm for… Read more ›