A critical date is approaching for many clients who turned age 70½ in 2015. By April 1, 2016, these clients must start making required minimum distributions (RMDs) from their traditional IRAs. Lifetime distributions are not required to be taken from Roth IRAs at any age. A participant in a qualified retirement plan must begin taking distributions by April 1st of the calendar year following the later of the year in which s/he reaches age 70½ or retires (except for 5% owners, w

It has finally passed!! And it only took until March 15th. Yesterday the Iowa House passed bill HF 2433 to couple the Iowa tax law with the federal tax code. It passed the House by a vote of 79-18 and later in the day passed the Senate by a vote of 50-0. It now goes to the Governor who should be ready to sign it based on the large margin by which the bill passed. The bill couples with all of the federal tax provisions except for bonus depreciation, which is the same as in

Next Tuesday, March 15th is the due date for filing 2015 calendar year C corporation and S corporation income tax returns and paying any tax still due. If you need an extension, filing form 7004 provides an automatic six month extension for filing, but the tax is still due by March 15th. This due date only applies to federal returns. The Iowa return is not due until May 2nd, 2016. We are still waiting for Iowa to couple with federal tax law changes for 2015. We will be taki

The Iowa Legislature's decision on whether or not to couple federal tax law changes will have a major impact on many people's tax returns this year. Here's a previous Tax Tip Tuesday blog on this issue. And this has left many Iowans wondering if they should wait to file. Unfortunately, at this time, there has not been any conclusion to this issue. The good news is that the Senate and governor are now willing to discuss how to pass this for 2015 tax returns. The bad news is t