- Time is Running Out to Take Your 2022 RMD
- Required Minimum Distributions (RMD) are required taxable distributions from qualified retirement plans and are commonly associated with traditional IRAs, but they also apply to 401(k)s and SEP IRAs. The tax code does not allow taxpayers to indefinitely keep funds in their qualified retirement plans. Eventually, these assets must be distributed, and taxes must be paid on those distributions. If a retirement plan owner takes no distributions, or if the distributions are not large enough, then he or she may have to pay a 50% penalty on the required distribution amount that is not distributed.
- Steps Your Business Can Take to Survive a Recession
- According to one recent study, there is a 96% chance that the United States will experience some form of economic recession within the next 12 months. Learn more.
- Managing Gains and Losses in a Turbulent Year
- It's been a rough Fall for the stock market. So much so that you should probably carefully review your portfolio and other capital transactions to minimize gain or maximize losses for the year. Remember, capital gains and losses are not just limited to stock transactions. For example, stock losses can offset the gain from the sale of a rental. So you may want to consider other capital transactions you’ve already made this year or could make before the end of the year that would result in a gain that can be offset with stock losses. There can be any number of scenarios that might benefit from year-end planning
- Video Tips: Avoid a Surprise Bill when Tax Season Comes
- This is a reminder for taxpayers to review their withholding and estimated tax payments in order to avoid a surprise tax bill come tax season.
- IRS Plans On Targeting Abusive ERTC Claims
- Have you seen those ads on television or received email solicitations promoting a large tax credit? The large tax credit they are referring to is the employee retention tax credit (ERTC). The ERTC is a government-sponsored program to keep workers employed during 2020 and 2021 because of the COVID pandemic by providing refundable tax credits to employers that kept their workers on payroll during the COVID crisis. Unlike most tax credits, this is a credit against the employer payroll taxes.
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