Some seniors face RMD Deadline

Posted by on Mar 28, 2016 in Blog | 0 comments

Most retirement plans require that a taxpayer take a required minimum distribution (RMD) before the end of the year once they reach 70 1/2 years old. For the year the person reaches age 70 1/2, they have until April 1st of the following year to take their first RMD. So for anyone who turned 70 1/2 in 2015, your deadline to take the RMD is this Friday. The penalties for not complying with this rule are large but there are ways to have the...

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Nearly 1 billion in tax refunds about to be lost

Posted by on Mar 15, 2016 in Blog | 0 comments

A taxpayer who is due a refund but who fails to file a return has three years from the due date of the return to file the return and claim the refund. After that the refund is lost. The IRS estimates that there is 950 million dollars in unclaimed refunds for the 2012 tax year. In general the ability to claim those refunds expires on April 16, 2016. If you have unfiled tax returns and need assistance filing them, we can...

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