Join us for the next edition of our monthly series where each of our team members at TFP share something their reading that we think you might enjoy too.
Bob Heykoop’s Choice: Kiplinger – Financial Planning for Small Business Owners
As a business owner that comes from a long line of entrepreneurs, I have always sought excellence in the area of business planning for our clients. We have many business clients that we have partnered with over the past 20 years to help them make the best decisions possible while including all stakeholders in the business. A business has many stakeholders that can at times have competing priorities. The customer or client, the vendors, employees, family, the community, managers, senior leadership, owners, shareholders, government & regulatory organizations and the like all desire to have a business thrive! I have been a faithful student of the business and reader of the Kiplinger Letter for over 30 years. This recent article by Jacob Wolinsky is a good reminder of the power of planning and keeping current, for every business!
Evan Barnes’ Choice: LPL Weekly Commentary – Key Earnings Season Takeaways
The US economy grew 2.4% in the second quarter of 2023, as we continue to see a resilient economy despite recession worries. The economy may not be in a recession, but we are in an “earnings recession,” which is two (or more) consecutive quarters of negative earnings growth for the S&P 500. In the attached article, LPL research shares pros and cons from Q2 earnings season as well as expectations moving forward.
Drew Barnes’ Choice: The Street – IRS Delays New Payout Rules for Inherited Retirement Accounts and Extends Rollover Period for Mistaken Payouts in 2023
The original SECURE Act, which went into effect starting in 2020, eliminated the ability to “stretch” required minimum distributions for inherited retirement accounts and required that “Non-Eligible Designated Beneficiaries” had to empty the account by the end of the 10th year after the decedent’s death. In February of 2022 the IRS issued Proposed Regulations that would make a subset of these beneficiaries subject to the 10-Year Rule AND to annual Required Minimum Distributions. Since this was only a proposed regulation, in late 2022 the IRS issued guidance that those that didn’t take an RMD for 2022 would not incur a penalty. They have now issued a new notice waiving any penalty for 2023 as well.
Andrew Rhoads’ Choice: Kiplinger – New Inherited IRA Rules Could See Heirs Get a Big Tax Bill
Thanks to recent changes in the law on inherited IRAs, your tax bill from any inheritance could be larger than you expect. Take a few minutes to read this article and stay on top of these very important changes.
Pete Koury’s Choice: Dr. David Kelly – Bull Market Investing
I had the pleasure to listen to Dr. David Kelly at the LPL Annual Conference in San Diego this past weekend. His position as to the markets and His thoughts on mental positioning to succeed with your investments I thought were very insightful.
Shane Wolfe’s Choice: LPL Research – Macro Market Movers
LPL Research shares insights on the labor market and economy and what investors can anticipate in the second half of the year. Our investment committee will continue to monitor the labor markets and broader economy.
Katy Kappius’ Choice: Kiplinger – 6 Ways to Improve Your Financial Wellness
Did you know August is Wellness Month? What better time to take a look at your financial wellness and assess your habits. Just as you might be setting new routines with the school year starting back up or the change of seasons around the corner, looking at your financial wellness is a great addition to the list of things to review.
*Certain information contained herein has been obtained from third party sources and such information has not been independently verified by TFP. No representation, warranty, or undertaking, expressed or implied, is given to the accuracy or completeness of such information by TFP or any other person. While such sources are believed to be reliable, TFP does not assume any responsibility for the accuracy or completeness of such information. TFP does not undertake any obligation to update the information contained herein as of any future date.
