October 13, 2022
2023 Social Security 8.7% increase announced. 2023 Tax Brackets are going up just over 7%. Interesting. So, if your income just matches inflation (~8-9…..%), you will be paying more in taxes.
October 7, 2022
Once again, significant changes have been announced in IRS publication:
https://www.irs.gov/pub/irs-drop/n-22-53.pdf
Simply stated it seems that the RMD requirements are still there, but it looks like no excise taxes, as defined in Section 4974(b), will be applicable to Inherited RMDs for Designated Beneficiaries (DBs) not taken in 2021 and 2022. Also, if excise taxes were paid on 2021 RMDs not taken the excise tax is refundable.
So, yes there are Inherited Required Minimum Distributions, but there doesn’t seem to be any penalty or consequence for DBs not taking 2021 or 2022 Inherited RMDs.
We are working to incorporate throughout our software.
June 1, 2022
Software has now been updated to reflect January’s Proposed Rules reflected in 2022-02522 Federal Register Release. https://www.irs.gov/pub/irs-drop/n-22-53.pdf
January 24, 2022
The proposed regs for the Secure Act of 2019 have finally been released.
https://www.govinfo.gov/content/pkg/FR-2022-02-24/pdf/2022-02522.pdf
We are working to digest and include the impact of the unexpected turn on the 10 year rule with required RMDs required if the original owner had attained their Required Beginning Date.
January 1, 2021
All of our software is updated to reflect the changes necessary in performing the new RMD and Inherited RMD calculations, income and estate tax calculations for 2021 and beyond, including the inclusion of the new LX tables effective 1/1/2022.
We have migrated our intellectual property to Fin CW LLC, an entity with exceptional high-end planning abilities. This is enabling the development of the most advanced cloud software. It allows planners to reflect and model anticipated changes to the estate tax calculations including the flexibility to deal with estate tax brackets and their base levels, new levels for Unified Credits, non-stepped up basis issues, as well as optimized analyses seeking to balance your clients portfolio of IRAs, Roth IRAs, Non-Qualified Assets, Insurance Products, as well as charitable instruments (CRUTs / Flip CRUTs, CLTs and other….).
More to Come…
2020
Our software has been updated to reflect the impact of the Secure and Cares Act.
2017
Our software is updated to reflect the impact of +/- 10% changes in a given illustrations assumptions. You can demonstrate how significant an analysis assumptions are and suggest yearly visits to refine a client’s plan.
2016
We updated our IUL import software to enable to capture of data from any IUL illustration (including PDF only illustrations).
2015
We released a full set of software comparing the alternative of various retirement investment class to the use of IULs as a source of tax free loans to provide retirement living needs.
2014-2021
We continue to expand the functionality of our cloud software to support the full range of browsers and mobile devices that are used with our software.