The Internal Revenue Service reminded taxpayers who turned age 70½ during 2016 that, in most cases, they must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Saturday, April 1, 2017. The April 1 deadline applies to owners of traditional (including SEP and SIMPLE) IRAs but not Roth IRAs. It also typically applies to participants in various workplace retirement plans, including 401(k), 403(b) and 457(b) plans. The April 1 deadline only applies to the required distribution for the first year. For all subsequent years, the RMD must be made by Dec. 31. A
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The filing deadline for calendar year partnerships and S corporations is March 15, 2017. Partnership and S corporation returns can file a six month extension, if needed. Payment must accompany the return or the extension if taxes are due.
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Annual Reports can be filed on-line https://tnbear.tn.gov/Ecommerce/AnnualReportInstr.aspx and are due the 1st day of the 4th month after the close of the company’s fiscal year. If the LLC’s fiscal year ends on December 31, the annual report is due on April 1. The filing fee is $50 per member with a minimum fee of $300 and a maximum fee of $3000.
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The IRS posted a tax tip about Capital Gains and Losses on February 22, 2017.  Tax tip 2017-18 included the information below: When a person sells a capital asset, the sale normally results in a capital gain or loss. A capital asset includes inherited property or property someone owns for personal use or as an investment. Here are 10 facts that taxpayers should know about capital gains and losses: Capital Assets. Capital assets include property such as a home or a car. It also includes investment property, like stocks and bonds. Gains and Losses. A capital gain or loss is the
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It’s important to choose your tax preparer carefully because you are entrusting them with your financial information.  You also want to make sure you are using someone who knows the tax laws and has the proper licensing and credentials.  Here are a few tips to help you choose the best tax preparer for your situation: All paid tax preparers are required to register with the IRS and are assigned a PTIN that must be listed on returns they prepare.  The PTIN Directory lists all registered tax preparers and professionals. Check the credentials of the tax preparer.  Click here for a list with links
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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.
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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
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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.
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2016 Individual Tax Organizers are available for download by clicking here.
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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.  
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