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A key aspect of saving for retirement through qualified retirement plans and IRAs is deferring taxes until required minimum distributions (RMD) begin. Even with Roth IRAs, beneficiaries who inherit them must also follow RMD rules despite the tax-free treatment of the distributions. The failure to take RMDs can result in a 50% penalty. The SECURE Act (P.L. 116-94) and the CARES Act (P.L. 116-136) made dramatic changes in RMD rules for 2020 and beyond.
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For the New Year, Copy High Growth Firms by Prioritizing Marketing Investment
By Bill Josten
Firms must be cautious as they re-examine budget priorities to not underestimate the harm that can be caused by failing to consider the long-range damage that can be done to a firm’s brand by cutting back too much on their marketing efforts.
AI Is Calling Time On the Billable Hour
By Jason Brennan
The game has changed substantially for law firms today — the evolution of the legal business model is underway and artificial intelligence (AI) is playing a big role in calling time on the billable hour.
10 Ways to Prepare for 2021’s Collision of Business and Society
By Zach Olsen and Ken Kerrigan
As we enter 2021, we should expect the needs of business and society to continue colliding. But if law firms prepare for those collisions, they can drive better outcomes.
Late Year Collections Could Make or Break 2020 Profitability
By Lizzy McLellan
Success in 2020 is likely to come down to who your clients are. If they were hit hard by the pandemic that will trickle down to their vendors, including law firms. But for others, the top line could come out nearly unscathed.
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