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April 29, 2017

IRS Extends 60-Day Rollover Deadline: PLR No. 201709023


The IRS extended the 60-day deadline for  a taxpayer, whose children applied for the waiver, citing medical issues, specifically , that the IRA owner showed signs of confusion, memory loss, and other cognitive impairment.  Click here for a copy of the PLR




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SIMPLE 401(k) Plan

Definition A SIMPLE 401(k) plan is a 401(k) plan established by a small business for it’s employees. Earnings accrue on a tax-deferred basis and distributions

Required Minimum Distribution (RMD)

Definition The minimum amount that must be withdrawn from retirement accounts, including qualified plans, 403(b) accounts, 457(b) accounts or IRAs, each year.  For retirement account

Required beginning date (RBD)

Definition The date by which a retirement account owner must begin distributing required minimum distribution (RMD) amounts from a Traditional,  SEP or SIMPLE IRA, a

Designated Beneficiary

Definition A designated beneficiary is an individual (person) beneficiary whose is designated as beneficiary of  a qualified plan account, 403(b) account, 457(b) plan or IRA,

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