• RMD for 70 1/2 in 2014

    If you are turning 70 1/2 in 2014 a REQUIRED MINIMUM DISTRIBUTION (RMD) is necessary from your retirement accounts.  You can either withdraw the 2014 distribution by 12.31.14, OR you can defer for three months to 04.01.15. The option to defer is permitted only for 2014, the first year of RMD.  Thereafter, you will need to take the RMD…

  • RMD Penalty

    Failure to withdraw the REQUIRED MINIMUM DISTRIBUTION (RMD) from retirement accounts will result in a 50% penalty of the required amount that was not distributed! Call us if you need further clarification. […]Read More… from RMD Penalty

  • IRS PAYMENT OPTIONS-ELECTRONIC

    Click here for IRS Electronic Payment Options (goes directly to IRS website) […]Read More… from IRS PAYMENT OPTIONS-ELECTRONIC

  • Full Retirement Age FRE re:Social Security benefits

    Year of Birth* Full Retirement Age 1937 or earlier 65 1938 65 and 2 months 1939 65 and 4 months 1940 65 and 6 months 1941 65 and 8 months 1942 65 and 10 months 1943–1954 66 1955 66 and 2 months 1956 66 and 4 months 1957 66 and 6 months 1958 66 and 8 months 1959 66…

  • 2013 Sub S Corp potential new form

    2013 Sub Chapter S corporations owned by an estate, trust or disregarded entity (i.e. sole member LLC) must attach Schedule B-1. The new Form B-1 lists the name and tax ID of the shareholder.  This helps IRS monitor tax cheats and check for Sub S potential terminations due to ineligible ownership. […]Read More… from 2013…

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