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The 2010 Mutual Fund Modernization Act: What you need to know

The 2010 Mutual Fund Modernization Act: What you need to know

On September 29, 2010, the U.S. House of Representatives passed the Regulated Investment Company Modernization Act of 2010 (H.R. 4337), a bill designed to update the tax laws governing mutual funds. The bipartisan bill has moved to the Senate where it is expected to pass without opposition, and may be voted on during the lame-duck

Individual 401(k)s offer many benefits

Individual 401(k)s offer many benefits

The IRS estimates there are more than 20 million sole proprietors in the United States, and some business owners may not be aware that they can realize immediate tax benefits by setting up an Individual 401(k) plan. As the year-end approaches, it can be an opportune time to discuss setting up an Individual 401(k), which

Do your clients know about the AMT?

Do your clients know about the AMT?

The Alternative Minimum Tax (AMT) will affect an additional 27 million taxpayers in 2010 if Congress fails to act and amend the income guidelines by the end of the year. Asking your clients if they have consulted with a tax preparer about the possible impact of the AMT provides an opportunity for you to discuss

Roth IRA conversion strategy for business owners

Roth IRA conversion strategy for business owners

When discussing a possible Roth IRA conversion with clients, typically the primary barrier is identifying funds to pay the tax bill. Clients understand the benefits that a tax–free Roth can provide in retirement and to potential heirs, but are challenged by reporting additional income generated from a conversion. Using business–related tax losses to offset a