For many years, IRS rules stated that taxpayers could not keep retirement funds in their retirement accounts indefinitely. They must start taking withdrawals from their IRA, SIMPLE IRA, SEP IRA, or retirement plan account when they reach age 70 1/2. These withdrawals are known as required minimum distributions or RMDs. However, the Setting Every Community […]

Farmers and ranchers forced to sell livestock because of drought conditions may have more time to replace their livestock and defer tax on any gains from the forced sales. If you are a farmer or rancher affected by drought conditions, here is what you need to know about this important tax relief extension. How the […]

If you’re a business that sends estimates and invoices to customers, you’re probably used to now knowing where all of your money is allocated at any given time. It’s likely that you have revenue spread across several places and temporarily parked in several QuickBooks locations such as: Unresolved estimates Unbilled time and expenses Open invoices […]

When the IRS needs to ask a question about a taxpayer’s tax return, notify them about a change to their account, or request a payment, it often mails a letter or notice to the taxpayer. Taxpayers should know that the IRS sends millions of these letters and notices to taxpayers for a variety of reasons. […]