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)

Republicans’ 2017 overhaul of the tax code created a new 20-percent deduction of qualified business income (QBI), subject to certain limitations, for pass-through entities (sole proprietorships, partnerships, limited liability companies, or S corporations). The controversial QBI deduction—also called the "pass-through" deduction—has remained an ongoing topic of debate among lawmakers, tax policy experts, and stakeholders.


Republicans’ 2017 overhaul of the tax code created a new 20-percent deduction of qualified business income (QBI), subject to certain limitations, for pass-through entities (sole proprietorships, partnerships, limited liability companies, or S corporations). The controversial QBI deduction—also called the "pass-through" deduction—has remained an ongoing topic of debate among lawmakers, tax policy experts, and stakeholders.


A bipartisan House bill has been introduced that would fix a GOP tax law drafting error known as the "retail glitch." The House bill, having over a dozen co-sponsors, is a companion measure to a bipartisan Senate bill introduced in March.


The House on April 9 approved by voice vote a bipartisan, bicameral IRS reform bill. The IRS bill, which now heads to the Senate, would redesign the IRS for the first time in over 20 years.


Proposed regulations address gains that may be deferred when taxpayers invest in a qualified opportunity fund (QOF). Taxpayers may generally rely on these new proposed regulations. The IRS has also requested comments.


The IRS has provided a safe harbor for professional sports teams to avoid the recognition of gain or loss when trading players and/or draft picks. Under the safe harbor provision, the traded player’s contract or the traded draft pick would have a zero basis.