IRS Archives - Charles W. Rawl & Associates, LLC

Internal Revenue Service Waives 50% Penalty for Missed 2021 and 2022 RMDs within the 10-Year Period

By Ian Berger, JD IRA Analyst Last Friday (October 7, 2022), the IRS waived the 50% penalty on missed 2021 and 2022 inherited retirement account RMDs for beneficiaries subject to the SECURE Act 10-year payout period. The guidance was in IRS Notice 2022-53. The Notice says the IRS will not impose the penalty for missed 2021 or 2022 RMDs within the 10-year period if the account owner died in 2020 on or after his required beginning date with a beneficiary who is not an eligible designated beneficiary (“EDB”). (The [...]

By cwrawl|October 10, 2022|Categories: Articles, IRA Best Practices|Tags: IRAs, IRS, RMDs|

The Most Controversial Part of the New IRS Regulations

The IRS has flip-flopped! In the SECURE Act, Congress eliminated the “Stretch IRA” for most inherited IRAs beginning in 2020. A new “10-year rule” was put in place and experts believed the IRA balance had to be withdrawn by the end of the 10-year period with no annual distribution requirements. In May 2021, the IRS confirmed that annual RMDs were not required. Two weeks ago, the IRS released the long-awaited SECURE Act RMD proposed regulations and flip-flopped. If annual RMDs are required, some taxpayers could already be in trouble. [...]

By cwrawl|March 7, 2022|Categories: Articles, IRA Best Practices|Tags: Beneficiaries, IRAs, IRS, Taxes|

Charlie Rawl is keenly focused on helping his clients work toward their retirement dreams through a comprehensive financial strategy. He has distinguished himself throughout his career as a troubleshooter and problem-solver, designing and implementing creative solutions to often-complex challenges.

He has three decades of experience in financial services, encompassing commercial banking, insurance and investment management. This diverse experience gives him an invaluable perspective in conducting detailed analyses and creating state-of-the-art wealth management and retirement income solutions.