IRS allows self-certification for late rollovers of retirement plan funds

updateIn Rev. Proc. 2016-47, the IRS announced that a taxpayer who fails to meet the requirement to roll over distributions from retirement accounts within the normal 60-day period can make a written self-certification to an IRA trustee or plan administrator that a contribution meets one of the 11 specific reasons listed in the revenue procedure for excusing the missed 60-day deadline.

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S Corporations

Mtb8loFS corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. This allows S corporations to avoid double taxation on the corporate income. S corporations are responsible for tax on certain built-in gains and passive income at the entity level.

To qualify for S corporation status, the corporation must meet the following requirements:

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We’re So Proud

AleksEmailHeader
Our Partners and Staff are proud to celebrate Aleksander’s achievement in obtaining his CPA designation. This significant milestone was achieved due to his career focus, hard work and dedication to the profession. We appreciate and applaud Aleksander’s tenacity and depth of knowledge in acquiring the CPA credential.

Aleksander joined our firm in 2016 as a Staff Accountant in our Tax Department. We look forward to Aleksander’s continued success as a valued member of our team.