Yearly Archives 2017

The IRS posted a tax tip regarding early withdrawals from retirement plans. Typically withdrawing money from a retirement plan before age 59 1/2 is considered an early withdrawal. Early withdrawals from retirement plans must be reported to the IRS.  A 10% tax penalty is usually owed for early withdrawals but there are exceptions to this rule.  You can see the whole list of exceptions here. Form 5329 may need to be filed for an early withdrawal from a retirement plan. Click here to read the complete IRS tax tip about early withdrawals from retirement plans.
More

The IRS posted the following information concerning SIMPLE IRA Withdrawals and Transfers: Withdrawals from SIMPLE IRAs: Generally, you have to pay income tax on any amount you withdraw from your SIMPLE IRA. You may also have to pay an additional tax of 10 percent or 25 percent on the amount you withdraw, unless you are at least age 59½ or you qualify for another exception. Additional Taxes: • 10 percent tax You have to pay a 10 percent additional tax on the taxable amount you withdraw from your SIMPLE IRA if you are under age 59½ when you withdraw the
More

Non-profit organizations with gross receipts less than $200,000 and assets less than $500,00 may file Form 990-EZ in lieu of filing Form 990.  The IRS has updated Form 990-EZ and a fillable PDF version can be downloaded here.
More

2016 Individual Tax Organizers are available for download by clicking here.
More

Employers are required to file their W-2 and W-3 copies to the Social Security Administration by January 31 in 2017.  In the past, employers had until the end of February to file W-2s if they were paper filing and until the end of March if they were electronically filing.  Extensions of time to file W-2s and W-3s is no longer automatic.  The SSA may grant one 30 day extension in extraordinary circumstances or catastrophe.  
More

The new due date for filing Forms 1099-MISC Using Box 7 is January 31, 2017.   Box 7 on Form 1099-MISC is used to report non-employee compensation payments. Other 1099-MISC forms are due by February 28, 2017 if they are paper filed or by March 31, 2017 if they are electronically filed. If you need an extension to file Form 1099-Misc, a 30-day extension must be requested by the due date of the return. Under certain hardship conditions, an additional 30-day extension can be requested. Click here for more detailed information about electronically filing Form 1099-MISC.
More

IRS.gov has written the article below about concerning retirement plan balances: Leaving your job? Consider these options for your retirement plan balance: If you’re leaving your job and you have a retirement plan (other than a defined benefit (pension) plan), you generally have four options for your account balance: 1. Leave your money in the plan You may want to keep the balance in your old plan, especially if: • you like the plan’s investment options, • the plan has low fees, or • you want to move the balance to a new employer’s plan later. If your account balance
More

The 4th Quarter Estimated Tax Payments are due Tuesday, January 17th, 2017.  Payments can be mailed, paid on-line, or set up for automatic transfer.  More information and the 1040-ES payment voucher can be found here.
More