Have you taken the required minimum distribution (RMD) from your individual retirement arrangement or workplace pension plan? That’s an important question because failure to take your RMD on time could result in a stiff penalty of 50% of the amount you should have withdrawn (plus the income tax on the distribution). In general, those who […]
Even though tax filing time is next year, now is the perfect time to complete your planning so you can take advantage of all opportunities to minimize your tax bill. That begins with ensuring you’ve taken all the deductions that can help reduce your taxable income. Have you maxed out retirement plan contributions, for example? […]
Story follows up on the previous announcement as the President signed the bill making it law effective January 1, 2017. Health reimbursement arrangements (HRAs) enable small businesses to contribute to employee health care expenses, including premiums, deductibles, and other out-of-pocket costs. Unfortunately, up until now, employers with HRAs have faced the threat of potential hefty […]
The IRS released the document below to tax preparers. As we continue to see a rise in tax scams and identity fraud, we felt it was best to share the entire article with you. If you have any questions or additional concerns, do not hesitate to contact our office at (717) 337-1414 or info@rmfcpallc.com IRS […]
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