An alternative to traditional IRAs; new retirement account offers tax-free growth, reduced limitations
Article Abstract:
The Taxpayer Relief Act of 1997 returns earlier tax advantages to those with moderate incomes using individual retirement accounts (IRA). The new Roth IRA has the same $2,000 annual limit on tax-deductible contributions, and these grow and compound without interim federal taxes. The difference is that contributions to a traditional IRA are in pretax dollars, thereby reducing taxable income, while those to a ROTH IRA are with after-tax dollars. Distributions to a Roth IRA are, however, tax-free, while those from a traditional IRA are taxable as regular income.
Publication Name: ABA Journal
Subject: Law
ISSN: 0747-0088
Year: 1997
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Time check: UCC provisions can drastically reduce limitations period for breach of contract
Article Abstract:
The Uniform Commercial Code's statute of limitations on breach-of-contract claims is variable but typically much shorter than states' general statutes of limitations. While the latter are usually six years, the UCC often imposes a four-year limitation, and exceptoins within the Code allow contracts to reduce this to one year. Some warranties extend to future performance and thus effectively extend the statute, and in some instances discovery of the flaw, rather than intial delivery, may toll the statute.
Publication Name: ABA Journal
Subject: Law
ISSN: 0747-0088
Year: 1995
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Striking out free agents; law firms reduce risks when compensation is tied to team performance
Article Abstract:
Tying lawyers' salaries to team performance ensures that tasks not billable to a particular client become more important parts of the overall law firm performance. Compensation systems designed to add to continuity , morale and long-term thinking take over, with a team approach, increasing quality and reducing claims, resulting.Team members are no longer pitted against each other when winning is everyone's job, and managers focus on team effort, rather than individual statistics.
Publication Name: ABA Journal
Subject: Law
ISSN: 0747-0088
Year: 1997
User Contributions:
Comment about this article or add new information about this topic:
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