Bookkeeping Services

Bookkeeping Services

We customize our services based on your needs.

  • You may have no finance and accounting department as well as no desire to manage one
  • You may have some, but not all, of your finance, tax, accounting, and technology resources and need to bridge the gap through outsourcing
  • You may have adequate personnel but need some guidance and direction to make your operations more explicit and efficient

Blog

October 2, 2019Admin

Avoiding Required Minimum Distribution Mistakes

You’ve reached age 70 ½ and you know that you must take any required minimum distributions (RMDs) by April 1st of the year following this milestone. Better yet, perhaps you are in your early or mid-sixties, and want to plan ahead to get the maximum benefit of these rules. There are some common mistakes that are made. It may be best to do a detailed review of your situation to make sure all the requirements have been met. Remember that you can always take more than your RMD, but not less. Forgetting to take your RMD when required can result in a 50% penalty of the RMD amount from the IRS.

September 7, 2019Admin

The Importance of Beneficiary Reviews

IRAs are different from other assets. Company plan assets and insurance policies also are governed by different rules, and they must be considered separately from other assets. They generally pass by contract, and not under the provisions of your will. The beneficiary form usually supersedes other documents, so planning and administering these documents are key, especially when the majority of your assets are held in these accounts. These forms should be reviewed annually, and designations should be confirmed with all custodians to make sure their records correctly represent your wishes. Mistakes with beneficiary forms can be key in administering your estate, and your loved ones may suffer severe consequences if these forms are not in order upon your death. Many times, disasters have arisen when beneficiary forms have not been updated for critical lifetime events, such as marriage and divorce.