Month: March 2019

70.5 Year Olds Must Receive Retirement Plan Payments by April 1

Seniors who turned 70½ last year must start receiving retirement plan payments by April 1 The Internal Revenue Service reminds taxpayers that, in most cases, Monday, April 1, 2019, is the date by which persons who turned age 70½ during 2018 must begin receiving payments from Individual Retirement Accounts (IRAs) and workplace retirement plans.

Limited Moving Expense Deduction

IRS Issues 2018 Version of Publication 969 on HSAs, HRAs, Health FSAs, and MSAs The IRS has substantially revised Publication 521 (Moving Expenses) to reflect limitations on the moving expense deduction and the exclusion for moving expense reimbursements imposed by the Tax Cuts and Jobs Act.

Highly Compensated Employees

In November 2018, the IRS announced an increase in the dollar threshold for determining who is a highly compensated employee which will affect 401(k) plan’s nondiscrimination testing.

$1.4 Billion Waiting for Individuals Who Have Not Filed

Refunds of $1.4 billion waiting to be claimed by individuals who have not filed federal income tax returns for 2015 Unclaimed income tax refunds totaling almost $1.4 billion may be waiting for an estimated 1.2 million taxpayers who did not file a 2015 Form 1040 federal income tax return, according to the Internal Revenue Service.

Beware of Fake Charities

The Internal Revenue Service encourages taxpayers to be alert to scam groups masquerading as charitable organizations.

Protect Personal, Financial and Tax Information

The Internal Revenue Service urges taxpayers to protect the security of their personal, financial and tax information. Con artists use scams and schemes to steal personal information and money from unsuspecting victims, particularly during tax time.

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