Newsletter Topics

Full Retirement Age FRE re:Social Security benefits

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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 and 10 months
1960 and later 67
*If you were born on January 1st of any year you should refer to the previous year. (If you were born on the 1st of the month, we figure your benefit (and your full retirement age) as if your birthday was in the previous month.)

2013 Sub S Corp potential new form

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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.

Required Minimum Distributions RMD

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HEIR HAZARDS when INHERITING an IRA
 
RMD (Required Minimum Distribtutions) are required when the owner turns 70 1/2 years old.
 
NON-SPOUSE beneficiaries can 'stretch' the regular inherited IRA over their own life expentancy but must start the RMD the year following the death of the owner.
 
While ROTH IRA owners never are required to distribute RMD, NON-SPOUSE beneficiaries must.  Those withdrawls are still tax free.

Identity Theft special PIN

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IRS is testing the applicaiton for a special PIN (Personal Identification Number) for eligible taxpayers in Florida, Georgia, and D.C.  These three locations have the highest per capital percentage of tax-related identity theft issues.