Future Planning Associates Inc

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Retirement Planning Services, Annuities & Retirement Insurance Plans, Employee Benefits Insurance

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50 Years

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(802) 878-6601Visit WebsiteMap & Directions600 Blair Park Rd Ste 331Williston, VT 05495 Write a Review

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Phone: (802) 878-9455

Phone: (802) 878-6631

Fax: (802) 878-9455

TollFree: (888) 878-6601

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Williston North

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http://www.futureplanningassoc.com

https://www.futureplanningassoc.com

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Retirement Planning Services, Annuities & Retirement Insurance Plans, Employee Benefits Insurance, Financial Planners, Financial Planning Consultants, Financial Services, Investment Advisory Service, Investment Management, Mutual Funds, Pension & Profit Sharing Plans, Wills, Trusts & Estate Planning Attorneys

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Phone: (802) 878-6601

Address: 600 Blair Park Rd Ste 331, Williston, VT 05495

Website: http://www.futureplanningassoc.com

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Future Planning Associates Inc

Tax Planning
(ESOPs) can be a very powerful planning tool for business owners as well as an important employee motivational benefit. ESOPs offer unique tax planning opportunities.
Roth IRA
Distributions from 401(k) plans are generally made in a lump sum, although some plans permit participants to elect installment payments or an annuity. If the distribution is eligible for rollover, the participant can avoid immediate taxation by rolling it over to a traditional IRA (not a Roth IRA) or another qualified plan. Distributions eligible for rollover include...
Tax Deductions
Since compensation is used not only to calculate contributions but also to apply limits, conduct nondiscrimination testing and determine tax deductions, the IRS is especially concerned that it be correct. While an exhaustive discussion of all the rules and exceptions would take up far more space than we have here, this article will cover some of the more common points of confusion.
Income Tax
The portion not directly rolled over and distributed in cash is taxed in the year received and is generally subject to mandatory federal income tax withholding and possibly subject to a penalty as described below. The participant gets a second chance to roll over the cash distribution within 60 days of its receipt. However, the participant must find money to replace the tax withheld if he or she wants to roll over 100% of the distributed amount.
Tax Deferral
Business Tax Return Preparation
Employer contributions to the plan are reported at line 8a(1) of Form 5500-SF or at line 2a(1)(A) of Form 5500 Schedules H or I. Filers should take a moment to compare the information reported on this line with tax deduction figures shown on the business tax return for the same period. Any differences should be reconciled before the Form 5500 is submitted. If the IRS audits the plan, this reconciliation will be on the list of data the IRS wants to examine.

Investment Management
Robo-advisors are a class of auto-adviser that provide financial advice or portfolio management online with minimal human intervention. These systems provide digital financial advice based on mathematical rules or algorithms. The algorithms are executed by software automatically allocating, managing, and optimizing clients' assets and thus provides financial advice that does not require a human advisor. The rise of the machines emerged in 2008, most prominently in the States, and today there are over 100 of these services offered to plan sponsors and investment advisors.
Mutual Funds
The account balance must be rolled over to an entity authorized by the IRS to act as an IRA custodian, such as a trust company, bank, credit union or registered mutual fund;
Money Market Funds
The Pension Protection Act of 2006 (PPA) tried to provide an easy answer to that question by creating the QDIA. Those rules basically say that plan fiduciaries who follow the PPA guidelines in selecting and monitoring a plan's default investment are deemed to have made a prudent decision. However, there are other appropriate choices that don't fit within the QDIA rules. For example, money market funds do not fall within the definition of a QDIA; however, many investment professionals believe that in a volatile economy, a money market fund is a prudent default. Just because it isn't a QDIA does not make it imprudent.

Accounting Services
Payroll Services

Financial Planning
Retirement Planning
The U.S. retirement system historically has relied on defined benefit plans commonly called "pensions", as the most common way that companies helped employees prepare for retirement. In pension plans, the responsibilities for funding the plan and investing the plan's assets lay with the employer. Since the late 1980's, employers have migrated to defined contribution plans, with 401(k) plans being the most popular. In contrast to pension plans, 401(k) plan funding is a shared responsibility between the employer and the employee; for most plans, investment decisions are made by the participant. Though this arrangement has been a continuous trend for more than 30 years, experts argue that if employers had a systematic way to calculate the actual cost of employee turnover, they might pay more attention to alternative ways of "paying" employees. If pension plan benefits were factored into compensation packages, an employee might take home a little less pay to have benefits guaranteed in retirement. Consideration of exploring a defined benefit or cash balance plan may be a way to increase overall retirement plan health.
Annuities
Special care must be taken to ensure one plan document does not blindly replace another plan document. For example, if a prototype plan is used to restate an individually designed plan, there are special issues to consider such as ensuring certain benefits, called "protected benefits," are not accidentally eliminated or reduced. Protected benefits include forms of distributions (such as lump sum and annuities) and timing of distributions (such as early retirement provisions).
Long Term Care
The employee mustn’t have any other coverage that would be considered general health insurance coverage. Coverage for specific illnesses, dental or vision coverage, and long-term care insurance are not considered other coverage for determining eligibility. For a full listing, see IRS Publication 969 (www.irs.gov/publications/p969).
Asset Management

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