Employer-owned life insurance policies: Policy proceeds are now taxable
Have you reviewed your employer-owned life insurance policies to make sure the death benefit will be received tax free?
Normally, life insurance proceeds received by the beneficiary are not subject to income tax. However, as part of the Pension Act of 2006, proceeds from employer-owned life insurance (EOLI) contracts issued after Aug. 17, 2006, are taxable to the beneficiary as ordinary income, to the extent that such proceeds exceed the sum of the premiums and other amounts paid by the policyholder (cost basis).
(March/April 2010)
Important information for those with tax liens from the IRS
Do you have outstanding tax liens? If so, you can still salvage your credit standing, but you need to know how.
In today's economy, keeping a good credit score is more important than ever. A bad credit score can mean no car loan or mortgage or higher interest rates. Tax liens can ruin your score. Even if you eventually pay the tax, the lien filing remains as a black mark on your credit score. There is another way, however.
(March/April 2010)
2010 Roth IRA option may be worth a serious look
This year provides an unprecedented opportunity for higher-income individuals to convert a traditional IRA to a Roth IRA because this conversion is now available to everyone regardless of income level. (Jan/Feb 2010)
New act spans worker, home buyer and business issues
The Worker, Homeownership and Business Assistance Act of 2009, signed into law by President Obama on Nov. 6, 2009, was primarily designed to extend unemployment benefits. But it includes additional provisions that affect both businesses and individuals. (Jan/Feb 2010)
Tax relief in troubled times
The year 2009 has been an anomaly when compared with recent history.
Taxpayers have been relieved of debt, become insolvent, declared bankruptcy, had their homes foreclosed and had their vehicles repossessed. They have been defrauded by investment institutions and have abandoned any prospect of recovery.
Recent stimulus provisions of subsidies and incentives were meant to ease the burden. However, debt restructuring may come with a price, as does the discharge of debt.
(Nov./Dec. 2009)
