Certified Public Accountants and Advisors

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Journal of Accountancy's Filing season quick guide for tax year 2018

Journal of Accountancy's Filing season quick guide for tax year 2018

Scam Alert for Connecticut LLCs

FYI: Scam Alert! Clients organized as Limited Liability Companies (LLCs) should beware of a form requiring a payment of a $110 annual report fee". No payments should be made to Workplace Compliance Services, please refer to link above.

Required Minimum Distributions (RMD)


The Internal Revenue Service (IRS) requires taxpayers to withdraw minimum amounts from traditional IRAs & 401(k)s by age 70 ½. If you fail to withdraw at least the minimum requirement you may be subject to penalties.

Many taxpayers determine their withdrawals based on need and start prior to age 70 ½. We have seen many taxpayers continue to work past “normal” retirement age. This allows for the delay in the use of retirement funds.

Your required minimum distribution is calculated by taking your account balance at December 31st of the previous year and dividing it by your life expectancy.

We are providing you with a withdrawal schedule based on age and how much you need to take in order to meet the RMD. And please don’t forget, your RMD is subject to federal income taxes and in some cases state income taxes as well.

We would be happy to assist you in determining the appropriate income taxes to be withheld.

Table: Withdrawal percentages under the IRS required minimum ditritbution (RMD)

Age Payout rate
70 3.65%
71 3.77%
72 3.91%
73 4.05%
74 4.20%
75 4.37%
76 4.55%
77 4.72%
78 4.93%
79 5.13%
80 5.35%
81 5.59%
82 5.85%
83 6.13%
84 6.45%
85 6.76%
86 7.09%
87 7.46%
88 7.87%
89 8.33%
90 8.77%
Tax Alerts
Tax Briefing(s)

Final regulations relating to the low-income housing tax credit revise and clarify requirements that low-income housing agencies must follow when conducting physical inspections of low-income units and reviewing low-income certifications and other documentation. The regulations finalize previously issued temporary regulations (T.D. 9753, February 25, 2016).


The Senate’s top Democratic tax writer is calling on the IRS and Treasury to further waive underpayment penalties for the 2018 tax year. Nearly 30 million taxpayers are expected to have underpaid taxes last year, according to the Government Accountability Office (GAO).


Senators have introduced a bipartisan bill specifically tailored to reduce excise taxes and regulations for the U.S. craft beverage industry. The bill aims to promote job creation and permanently reduce certain taxes and compliance burdens.


The IRS’s proposed 50-percent gross income locational rule on the active conduct of Opportunity Zone businesses is garnering criticism from stakeholders and lawmakers alike. The IRS released proposed regulations, NPRM REG-115420-18, for tax reform’s Opportunity Zone program last October.


The IRS has said that it is postponing its plan to discontinue faxing taxpayer transcripts. The IRS statement came on the heels of a letter sent earlier this week from bipartisan leaders of the Senate Finance Committee urging such a delay.