Take Retirement Plan Distributions by December 31

Posts Tagged ‘Accounting’

Take Retirement Plan Distributions by December 31

Taxpayers born before July 1, 1946, generally must receive payments from their individual retirement arrangements (IRAs) and workplace retirement plans by December 31. Known as required minimum distributions (RMDs), typically these distributions must be made by the end of the tax year, in this case, 2016. The required distribution rules apply to owners of traditional,…

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Reminder: College Tax Credits for 2016

With another school year in full swing, now is a good time for parents and students to see if they qualify for either of two college tax credits or other education-related tax benefits when they file their 2016 federal income tax returns next year. American Opportunity Tax Credit or Lifetime Learning Credit. In general, the American…

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2016 Recap: Tax Provisions for Businesses

Whether you file as a corporation or sole proprietor, here’s what business owners need to know about tax changes for 2016. Standard Mileage Rates  The standard mileage rates in 2016 are as follows: 54 cents per business mile driven, 19 cents per mile driven for medical or moving purposes, and 14 cents per mile driven…

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Charitable Travel – How Giving Back Can Reward you at Tax Time

Giving back by volunteering or serving on a non-profit board is a reward in itself. What makes it even better is that the government wants to give you a little break at tax time for your service as well. Taxpayers are able to deduct reasonable expenses for travel, meals, and entertainment when travelling to perform…

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FASB Project on Accounting for Leases

The rules on lease accounting have remained substantially unchanged since the 1970’s.  For the most part, lease payments are expensed as paid over the course of the lease.  Leases where the threshold for ownership transfer is met as defined by a narrow series of accounting parameters (capital leases) are accounted for as though the ownership…

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