October 2007 Posts

  • IRS to Offer Workshop for 501(c)(3) Exempt Organizations

    The IRS will be offering a number of workshops for small to medium sized 501(c)(3) organizations on tax compliance issues....
  • IRS to Require Retirement Plans to Offer Non-Spousal Rollovers to IRAs

    Beginning in 2008, retirement plans (such as 401(ks) must allow non-spouse beneficiaries to roll over to an IRA. The following is from Ed Slott, CPA:...
  • North Carolina has Repealed the Rule Against Perpetuities

    Effective August 19, 2007, North Carolina repealed the Rule Against Perpetuities, which means that multi-generation dynasty trusts can be created in North Carolina. Previously trusts could not last longer than 90 years or a life in being plus 21 years. ...
  • Watch Out for Vanguard and its IRA Beneficiary Designation Policy

    Vanguard now requires its customers to have identical benefciary designations for all IRAs of the same type. Click "Continue Reading" for the full article....
  • 2008 Pension Limits Announced by IRS

    Maximum deferral limits for 401(k) and 457 plans remain at $15,500. The limit for defined contribution plan increases to $46,000, while the SIMPLE limit is $10,500. See IRS News Release IR-2007-171 for full details....
  • IRS Warns Against Certain Trusts Sold as Business Welfare Benefit Funds

    The IRS has issued a news release warning small businesses about certain trust arrangements being sold as welfare benefit plans. ...
  • Tax and Other Aspects of Vacation Homes

    Considering a second home? Read the Vacation Home Survival Guide on forbes.com. A couple things to keep in mind that aren’t mentioned are that second home in other states can trigger probate in that state,...
  • New Medicaid Rules to Start November 1, 2007

    I previously blogged about the changes in the federal Medicaid laws that took place last year. The implementation in North Carolina has been delayed several times,...