December 10, 2014
Taxpayers born before 7/1/1944 generally must receive the Required Minimum Distribution (RMD) payments from their IRAs and workplace retirement plans, including Section 401(k) , 403(b) , and 457(b) plans, by 12/31/14. A special rule allows those who reached age 70 1/2 during 2014 to wait until as late as 4/1/15 to receive their first RMD. The special April 1 deadline applies only to the RMD for the first year; the remaining RMDs must be received each year by December 31. Consequently, deferring the first-year payment into 2015 will result in having two taxable distributions in 2015. News Release IR-2014-112 .
With 2019 officially here, it is time to remind you that January 15th is the due date for the fourth quarter estimated tax payments. If you are required to make estimated tax payments, use the payment vouchers that you received after filing your 2017 returns.
Remember, if you do not pay enough tax by the due date of each payment period, you may be charged a penalty when you file your...
The holiday season is already in full swing, and as much as it can be a welcome distraction can be from our everyday lives, that distraction can cause its own issues as well.
We’ve noticed, here at SGA, an increased number of instances of scam emails and voicemail schemes lately. The scammers are trying to catch you off guard and get you to react in a way that you might...
The IRS requires you to keep your records that support an item of income or deduction on a return until the period of limitations for that returns runs out. The period of limitations is the period of time in which you can amend your return to claim a credit or refund, or the IRS can assess additional tax.
Period of Limitations: