DiSabatino CPA Blog

DiSabatino CPA Blog

A blog by Michael DiSabatino CPA with topics on Tax Savings, Business, Management and more...

April 1 is the deadline for retirement distributions

April 1 is the deadline for retirement distributions

You may be approaching an important deadline if you have retirement accounts and you turned 70½ last year. Generally, you must begin withdrawing money from tax-favored retirement plans in the year you turn 70½. However, you may postpone your first withdrawal until April 1 of the year after you turn 70½. That means you have until April 1, 2015, to complete your required 2014 distribution.

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1099 Preparation Reminder!

1099 Preparation Reminder!

Form 1099s must be filed by businesses each year.

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Annual Tax-Exempt Filing Due May 15th

Annual Tax-Exempt Filing Due May 15th

If you are involved in a tax-exempt organization or know someone who is, this is a reminder that the annual filing requirement is quickly approaching.

The rule: Every tax-exempt organization must file an annual return (990 series) on the 15th day of the fifth month following their year end. That means calendar based charitable groups have until May 15th to file.

The penalty: If the organization does not file their annual return for three consecutive years, they automatically have their tax-exempt status revoked.

Who should worry: Any tax exempt organization except churches and church related organizations. So soccer booster clubs, PTAs, youth sports organizations, community organizations and more need to do this every year.

The small organizations: If your average annual receipts are $50,000 or less, you can simply file Form 990-N (e-postcard).

Privacy: Remember not to include your Social Security number with any filings. Often these tax Forms are in public domain. So any private information is available for identity thieves.

What’s Your Status? The IRS offers an online tool to check the status of your organization. Here is the link. A quick check of organizations you are members of can lead to a quick phone call to ensure they get their filings done.

Please give us a call to discuss these and other profit-boosting ideas for your business.

DiSabatino CPA
Michael DiSabatino
651 Via Alondra Suite 715
Camarillo, CA 93012
Phone: 805-389-7300
ww.sharpcpa.com

This publication provides summary information regarding the subject matter at time of publishing. Please call with any questions on how this information may impact your situation. This material may not be published, rewritten or redistributed without permission, except as noted here. All rights reserved.

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March 2014 Newsletter

  • IRS Announces Annual Scams
  • New IRS2GO Mobile App Announced
  • Are You Doing Your Bit?
  • Understanding the Bitcoin phenomena
  • Missing the Flow-through Deadline
  • The penalty that does not fit the crime
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