by Leif Jensen | Aug 3, 2021 | Taxes |
IRS and the Justice Department continue to be on the prowl for undisclosed foreign accounts, devoting resources to get U.S. owners of the accounts to timely report them each year if the aggregate value exceeded $10,000 at any time during the prior year. Penalties for...
by Leif Jensen | Aug 2, 2021 | Running a Business |
Who thought this was a good idea? In this case they were treating its officers as contractors which was causing headaches for a corporation that owned and operated day care centers. The corporation didn’t pay any salary to a couple who were its sole shareholders and...
by Leif Jensen | Jul 28, 2021 | Retirement |
Let’s take a look at three important rules if contemplating an IRA rollover: First, the money must be returned within 60 days, or the distribution is taxed, assuming no direct rollover. It’s also hit with an early payout penalty for people under age 59½. The IRS...
by Leif Jensen | Jul 27, 2021 | Retirement |
If you made a qualified charitable distribution from my traditional IRA. Will the 2021 Form 1099-R that I get early next year reflect the QCD? No. People age 70½ and older can transfer up to $100,000 yearly from traditional IRAs directly to charity. These QCDs can...
by Leif Jensen | Jul 26, 2021 | Retirement |
If you inherited an IRA last year. When must you take distributions from it? You have 10 years from the death to clean out the account. This doesn’t mean payouts must be distributed evenly over a 10-year period. You can wait until the 10th year to take out all the...
