Beneficiaries of retirement plan and IRA accounts are subject to required minimum distribution (RMD) rules. The SECURE Act changed how and when beneficiaries who are individuals must take distributions for account owner deaths after 2019.There were no changes to the...
IRS
Required Minimum Distributions
Required Minimum Distributions (RMDs) are minimum amounts you must withdraw from your IRA or retirement plan account when you reach age 72. Beginning in 2023, the SECURE 2.0 Act changed the age RMDs must begin to age 73 for taxpayers that are born after 1950. Roth...
Filing season has begun, employer wage statement deadline nears
WASHINGTON — With the start of filing season the Internal Revenue Service today reminded employers of the Jan. 31 deadline to file Forms W-2 and other wage statements with the Social Security Administration (SSA). Filing these documents timely prevents late-filing...