612-236-4890
Publications
The following information includes different tax resources. These are important tax information and updates that are essential to your individual and business needs.
Resources for Individuals
When you retire?
-
turn 65 (or the plan’s normal retirement age, if earlier);
-
complete 10 years of plan participation; or
-
terminate service with the employer.
Distributable Events
The law permits a plan to distribute an account after certain events (distributable events). Different distributable events apply to different types of plans, and different types of contributions or accounts within those plans. The plan is not required to allow distributions for every possible distributable event.
The plan document must clearly state when a distribution will be made. Consult your summary plan description or other disclosure documents to find out when you can request a retirement plan distribution.
Tax Information for Business
Self-employed individuals generally must pay self-employment tax (SE tax) as well as income tax. SE tax is a Social Security and Medicare tax primarily for individuals who work for themselves. It is similar to the Social Security and Medicare taxes withheld from the pay of most wage earners. In general, anytime the wording "self-employment tax" is used, it only refers to Social Security and Medicare taxes and not any other tax (like income tax).
What is Beneficial Ownership Information (BOI)
BOI is a new federal reporting requirement which may require certain company to file BOI to Financial Crimes Enforcement Network (FinCent) under the U.S. Department of Treasury.
The entity that meet under the exception rule is not required to file BOI. For more information call.