With the New Year approaching it is time to get a handle on some of the boring stuff. I know, but it’s important stuff too! Required Minimum Distributions or (RMDs) are the bare minimums that those who have a retirement plan must withdraw starting with the year they reach 70 ½. If you are still working, then that year could be deferred.
In cases where the retirement account is an IRA the RMDs MUST begin at 70 ½. Whether it is a simple retirement plan or an IRA the owner is solely responsible for taking the correct amount every year from their account. Failure to do so will result in a stiff penalty from Uncle Sam. I told you this stuff was boring, but necessary.
Unless YOU are a trained CPA you don’t want to be responsible for this year after year. I will tell you someone who IS whom you can trust every New Year. He is Las Vegas CPA Michael S. Mathews. From his beautiful office located at 2620 Regatta Drive in Las Vegas he will sit down with you and discuss all of your accounting needs. Make an appointment with Mike for the New Year at (702) 240-5237.