RMD In general, distributions from a qualified plan must begin no later than April 1 of the year following the year in which the account owner attains age 70-1/2 or, if later, retires. Distributions are calculated based on the account balance for the year prior to the year in which the distribution is being taken,.

The IRS has issued two items of guidance in response to the need for charitable and other relief due to the Ebola outbreak in Guinea, Liberia and Sierra Leone. One piece of guidance provides special relief intended to support leave-based donation programs to aid victims who have suffered from the Ebola virus outbreak in those.

As 2014 draws to a close, we are still waiting for Congress to pass the popular tax benefits commonly referred to as “extenders.” Although this is less than ideal for planning purposes, the good news is that much of the current Tax Code remains unchanged for the 2014 tax year and beyond. TRADITIONAL TAX PLANNING.

The Social Security Administration (SSA) has announced that Social Security and Supplemental Security Income (SSI) benefits will increase by 1.7 percent in 2015. The rates for Old-Age, Survivors and Disability Insurance (OASDI) and Medicare Hospital Insurance (HI) taxes will remain at a combined 7.65 percent in 2015. Based on the increase in SSI benefits, the.