Monnier & Co CPA's

05/26/2025

Today we remember those who gave the last full measure of devotion, and their families.

01/10/2025

IRS announces Jan. 27 start to 2025 tax filing season; agency continues historic improvements to expand, enhance tools and filing options to help taxpayers. IR-2025-08

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12/25/2024

Wishing a Merry Christmas to all clients and friends.

12/19/2024

Good news regarding the Ohio CAT tax effective January 1, 2025. The first $6 million of Ohio gross receipts are now excluded from the tax and you can cancel your registration if you fall below this limit. If you have any questions contact our office.

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11/27/2024

12/22/2023

Merry Christmas and Happy New Year to all our clients and friends. Our office will be closed on Monday December 25, 2023.

01/14/2023

2023 Tax Filing Season Opens on January 23

In IR-2023-5, the Internal Revenue Service (IRS) announced that the tax-filing season will open on Monday, January 23, 2023. The IRS expects more than 168 million individual tax returns this year. Most taxpayers will file before the April 18 tax deadline. While the prior three years have been impacted by the COVID pandemic, the IRS hired over 5,000 new telephone staff and made other changes to improve the filing season.

Acting IRS Commissioner Doug O'Donnell stated, "This filing season is the first to benefit the IRS and our nation's tax system from multi-year funding in the Inflation Reduction Act. With these new additional resources, taxpayers and tax professionals will see improvements in many areas of the agency this year. We have trained thousands of new employees to answer phones and help people. While much work remains after several difficult years, we expect people to experience improvements this tax season."

The IRS has been updating its computers and other systems to prepare for the 2023 tax season. O'Donnell emphasized the systems will be ready to receive returns on January 23. Taxes must be filed and paid by Tuesday, April 18, 2023. If the individual desires to extend, the extended tax-filing date will be Monday, October 16, 2023.

12/29/2022

Thank you Monnier & Co CPA's for your support during this year’s United for Impact campaign. Your continued commitment in supporting the Shelby County United Way is very much appreciated. We are very happy to present your Gold Award.

12/24/2022

Merry Christmas and a Happy New Year to all of our clients and friends from all of us at Monnier & Co.

12/13/2022

Don’t forget your Required Minimum Distribution this holiday season

RMDs must be taken by Dec. 31 annually or account holders face a steep penalty.

Account holders must begin taking required minimum distributions, or RMDs, at age 72. Investors must make these mandatory withdrawals by Dec. 31 each year. First-time takers have until the following April 1 of the year in which they turn 72 to take their first RMD, but if they do that may have two distributions to take that year – their first RMD as well as the one required each year by end of year.

The penalty for not taking an RMD is 50% of the amount of money that was required to be taken. If an investor’s RMD was $5,000 for the year, and he took no distribution from his account, the penalty would be $2,500 (half of the amount he was supposed to distribute). If that same investor had taken $3,000 out of the account during the year – but was supposed to take at least $5,000 per the RMD calculation – he would be short $2,000 per the rule, and thus, face a $1,000 penalty (because that’s 50% of what he was left of his RMD).

There are a few exceptions, however. For starters, Roth IRAs don’t have an RMD rule (but Roth 401(k) plans do). Also, beneficiaries of inherited accounts have their own rules to follow depending on if the original account holder began taking distributions from those plans before death.

If you have any questions, feel free to contact our office.

11/23/2022

Happy Thanksgiving.

11/11/2022

Thanks to all who served.