RMDs Are Due December 31. What Happens If I Don't Take a Distribution? In almost all cases the IRS enforces its rules through fines and penalties. This is the case of Required Minimum Distributions (RMDs).? As always, your RMDs are due by the end of the year. In this year, if you don't take out the minimum distributions by December 31, 2024, the?IRS will penalize you?with a special excise tax. This tax is worth 25% of the amount not withdrawn, reduced to 10% if you correct the error within two years. This penalty can also be waived on appeal if you can demonstrate that your shortfall was based on good-faith error and that you are taking steps to correct it. And if it’s your first RMD, you may have some wiggle room until April. https://lnkd.in/g2b_82EA
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The Federal Board of Revenue (FBR) has extended the deadline for filing sales tax and federal excise returns. The new deadline is August 27, 2024. Taxpayers can now file their returns online through the FBR's website. This extension is meant to give taxpayers more time to file their returns and make payments. The FBR has been extending deadlines periodically to facilitate taxpayers. This time, the extension is for the tax period of July 2024. Taxpayers are advised to take advantage of this extension and file their returns on time to avoid any penalties. . . . #FBRextendsdeadline #TaxReturnExtension #SalesTaxFiling #FederalExciseReturn #FileOnTime #tribunetrends
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For those of you in #California who are not quite in harmony with the California Department of Tax and Fee Administration due to #prepayments not made on time or properly, the following is a short list of each quarter, the prepayment period and filing dates. Fun fact: #ExciseTaxes do not currently require prepayments, although I'd advise that you do make an effort to make prepayments, for a multitude of reasons, least of all that in the near future excise taxes will #require prepayments - So Get in the Habit of doing this for both #Excise and #Sales #tax. Quarter 1 - January (Prepayment 1) - Feb 24th due February (Prepayment 2) - Mar 24th due March payment is due by 4/30, as are quarterly returns (excise and/or sales) Quarter 2 - April (Prepayment 1) - Due by May 24th May 1st- June 15th (Prepayment 2) - Due by June 24th June payment is due by 7/31, as are quarterly returns. Quarter 3 - July (Prepayment 1) - Due by Aug 24th August (Prepayment 2) - Due by Sept 24th Sept payment is due by 10/31, as are quarterly returns. Quarter 4 - October (Prepayment 1) - Due by Nov 24th November (Prepayment 2) - Due by Dec 24th December payment is due by 1/31, as are quarterly returns. Please email us or give us a call for assistance: [email protected] or 818-225-8022. #CDTFA #Standard #Prepayments #SalesTax #ExciseTax #DueDates
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Level up your tax knowledge! The BIR issued RMC No. 79-2024 on July 15, 2024, which further extends the transitory period for the application of withholding tax on gross remittances made by DFSPs to sellers or merchants for an additional 90 days, or until October 12, 2024. Click here to read the full article: https://lnkd.in/g_A_ysWg #PAGrantThornton #GrowWithUs #GreatPlaceToGrow
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Partner @ Moncarz Law Firm PL | Business Contracts, Tax Controversy, Commercial Real Estate
??? Curious about Excise Tax? We've got you covered! ??? Check thist FAQ: "What types of goods and services are subject to excise tax?" ????????? Learn which items like fuel, tobacco, alcohol, and more are taxed to help fund public services and infrastructure. ???? Get all the details on the IRS website. #TaxTalk #ExciseTax #IRS #FinanceTips #PublicServices #Infrastructure #TaxFacts #EconomicEducation #FAQs
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Chartered Accountant | Direct Tax enthusiast | Litigation | International taxation | Honorary Contributor at Taxontips.com | Music
As per Circular no. 06 of 2024 dated 23.04.2024, the Board had provided a window of opportunity to the taxpayers upto 31.05.2024 for linkage of PAN and Aadhaar for the transactions entered into upto 31.03.2024 so as to avoid higher deduction/collection of tax under section 206AA/206CC of the Income-tax Act, as the case maybe. ? 2. #incometaxcircular #Incometaxupdates #Newtdssection #taxontips #TDS #TDSrate
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As per the CBDT Circular No. 6/2024 dated 23.04.2024, several grievances have been received from taxpayers who are TDS/TCS deductors or collectors where they have received notices for short deduction/collection of TDS/TCS, where the PANs of the deductees/collectees were inoperative. In such cases, the deduction/collection has not been made at a higher rate, leading to demands raised by the Department against the deductors/collectors during the processing of TDS/TCS statements. To address the grievances faced by deductors/collectors, the CBDT has provided relief from tax demand due to inoperative PAN, subject to the following conditions: 1. Transactions (which are subject to TDS or TCS) were entered into up to 31.03.2024, and 2. The deductee’s/collectee’s PAN should become operative (as a result of linkage with Aadhaar) on or before 31.05.2024. If the above specified conditions are fulfilled, the Deductors/collectors will not be treated as defaulters for tax deducted at the normal rate for transactions conducted until March 31, 2024 and there shall be no liability on the deductor/collector on transactions up to 31.03.2024 to deduct/collect the tax at higher rates specified under section 206AA/206CC. As a result, the tax demand raised shall be removed from TDS portal. #tds #incometaxlaws #incometaxupdates #incometax
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Did you know that based on the Deduction of Tax at Source (Withholding) Regulations 2024, when any taxpayer fails to deduct Withholding Tax (WHT) from any qualifying transaction, but paid the vendor in full for the underlying transaction, such taxpayer will be penalized. ? The penalty will be levied at 10% plus a one-off annual interest on the invoice amount. Previously, taxpayer would have paid the outstanding WHT even though the amount has been paid to the vendor, plus the penalty and interest. ? This is a huge relief for taxpayers as they will not have to incur double cash outflow of the invoice amount. Please note that there will be no tax leakage to government, as ultimately, the amount of taxes due to the government will be accounted for by the vendor when fulfilling his annual income tax obligation.
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Federal excise tax is a complicated issue. Learn more and have the opportunity to ask questions during TPS' April 30 webinar. Sign up today!
The federal excise tax (FET) has been around since 1918 and while the statute hasn’t changed much, commercial trucking has. This leaves a huge gray area for truck dealers to navigate — and plenty of opportunity to run into fines, fees and...
randallreilly.zoom.us
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Income tax, GST, long-term and short-term capital gains tax, TDS, cess, toll tax, excise duty, professional tax, house tax, stamp duty, the list seems endless, doesn’t it? We’re hit from every angle with taxes, fees, and duties, and it really makes you wonder, why do we have to deal with this form of tax terrorism? Where does it end, and why is the burden so heavy on us as citizens?
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??? Curious about Excise Tax? We've got you covered! ??? Check thist FAQ: "What types of goods and services are subject to excise tax?" ????????? Learn which items like fuel, tobacco, alcohol, and more are taxed to help fund public services and infrastructure. ???? Get all the details on the IRS website. #TaxTalk #ExciseTax #IRS #FinanceTips #PublicServices #Infrastructure #TaxFacts #EconomicEducation #FAQs
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