Friday, March 20, 2015

Retirees May Face April 1, 2015 Deadline for RMDs

Federal Tax Day - Current,I.1,Retirees May Face April 1, 2015 Deadline for RMDs (IR-2015-55),(Mar. 20, 2015)

The IRS has reminded retirees who turned 70 ½ during 2014 that they may need to begin receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement accounts by Wednesday, April 1, 2015. The April 1 deadline only applies to the first year; the RMD for subsequent years must be made by December 31. A taxpayer who turned 70 ½ in 2014 would receive the first required payment on April 1, 2015, and the second one by December 31, 2015. Worksheets and life expectancy tables for making the computation can be found in IRS Publication 590-B. Affected taxpayers who turned 70 ½ during 2014 must figure the RMD for the first year using their life expectancy as of their birthday in 2014 and their account balance on December 31, 2013.

Some owners of workplace plans can wait longer to receive RMD. Employees who are still working can wait, if their plans allow, until April 1 of the year after they retire to begin receiving distributions. Employees of public schools and certain tax-exempt organizations with Code Sec. 403(b) plan accruals prior to 1987, should check with their employers, plan administrators or providers with respect to treatment of the accruals. Taxpayers are encourages to begin planning for distributions that may be required in 2015.
Reference


Thursday, March 12, 2015

1120 Business Returns Filing Deadline

Tax Year 2014 Business Returns - Form 1120 Family
2014 e-file Calendar


Transmitting timely filed Form 1120 family returns and Forms 7004
Calendar Year
March 16, 2015
Transmitting timely filed Form 1120 family returns and Forms 7004
Fiscal Year
15th day of third month after Tax Year end
Retransmission rejected timely filed Form 1120 family returns and Form 7004
Both
10 day perfection period
Transmitting returns on extension from Forms 7004
Calendar Year
September 15, 2015
Transmitting returns on extension from Forms 7004
Fiscal Year
15th day of ninth month after Tax Year end
Retransmitting rejected returns on extension from Forms 7004

10 day perfection period

Extensions
Don't miss out on a chance to increase your Income Tax profits! Begin e-filing your client's Business extensions.  You can increase your profits and provide better customer service by offering your clients the peace of mind that the 7004 provides.
  • Assurance that the IRS will receive the extension on time, as you will receive an IRS acknowledgement receipt
  • Assurance that the extension will not be "lost in the mail"
  • Best of all, it's fast and easy to e-file extensions
7004 General Information
It is suggested to submit any extensions by 10:00 PM YOUR local time on the filing deadline. The last day to retransmit rejected timely filed Forms 1120 or Extension Forms 7004 and gain IRS acceptance is 10 days after the required filing date for your particular type of return.   The cost for each E-filed extension is $5.00.
7004 Instructions
1.     Open the return for which you wish to complete the extension and fill in the information regarding the company name.
2.     Select Yes to the Do you want to electronically file this return? question.
3.     Select either Form 7004 without direct debit or Form 7004 with direct debit for the What form(s) are you e-filing using PINs? question.
4.     Complete the information on Page 1 of the 1120 for the Signing officer for e-filing, Officer Information, and Preparer Information.
5.     On Form 7004, select the check box at the top of the page to indicate you are using this form.
6.     Run diagnostics and correct any errors you may receive.
7.     Click Extension E-File to create an e-file.
8.     Close the return, and then select Send Federal/State Returns to on the Communications menu.