Although many clients may understand the basic rules that apply to retirement accounts, it’s surprisingly easy to miss a deadline, even if there have been no significant legal changes over the prior year. Failure to act before Dec. 31 can have harsh consequences in terms of penalties — and can also cause the client to miss out on valuable tax savings strategies.
Now that we’ve entered the fourth quarter, it’s a good idea to review clients’ accounts and ensure that everything is in order. Planning now can give the client time to consider their options and make the most tax-smart decisions possible before year-end.
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