GASB 68 Deferred Employer Contributions to Pensions

Last month I discussed the timing of specific pension related dates in valuing, measuring and reporting your pension related amounts for the full accrual basis statements in accordance with GASB Statement 68. This month I am discussing the employer contributions to the plan, and how they should be reported for the full accrual based statements. …

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GASB 68 Valuation, Measurement and Report Dates, Oh My!

It’s here! GASB 68, the much anticipated Pension Statement, is effective for employer governments for this June 30, 2015 ending year. Amongst all the hype is a barrage of changes to the way governments have been reporting their pensions. This blog focuses on the three different dates involved, specifically for Arizona based pension plans. There …

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10 Steps to Put on Your Retirement Planning Checklist

The average American doesn’t give proper attention and consideration to retirement financial planning for a variety of reasons (excuses). Perhaps you don’t have time in your day-to-day life to squeeze in financial planning because it seems complicated and time consuming. Maybe you think it can be done next year; what’s the rush to do it …

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Key Dates & Milestones: Social Security, Pensions, IRAs, Medicare

There are many age-related financial and planning milestones that you need to be aware of in your sixties. Keep this list in mind. 59 ½ – Penalty Goes Away This is the age at which one can withdraw money from traditional IRAs, 401(k)s or similar retirement plans without restrictions and without an added 10% tax …

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Key points of the US – Canada Tax Treaty

The U.S. has entered into tax treaties with many countries in an effort to reduce or eliminate double taxation. The U.S. – Canada Income Tax Treaty is of special interest due to the proximity of this neighboring country. This treaty was signed in 1980 and has since been amended by five protocols. Income from personal …

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Taxation of Corrective Distributions

As we enter January of every year, it is time to start thinking about personal income taxes. While this is not a favorite to many, there are many important tax reporting forms that individuals must be on the lookout for over the next coming months.  One of these is Form 1099-R – Distributions from Pensions, …

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