Most people are familiar with the significant income tax benefits of contributing to a qualified retirement plan such as a 401(k) plan, or an individual retirement accounts (IRA). One advantage of these types of arrangements is the taxpayer has significant flexibility and control on the timing of the receipt of income from the qualified retirement plan or IRA. However, this flexibility is not unlimited and Congress has enacted very specific rules that require annual distributions from these plans.
Unless certain limited exceptions apply, annual distributions must begin by April ...
South Carolina generally follows federal law for purposes of the assessment of tax, including time limits on which taxes may be assessed (statutes of limitation). The South Carolina Department of Revenue (SCDOR) generally has 36 months from the date an original return was filed or due to be filed (whichever is later) in which to assess additional taxes. S.C. Code Ann. § 12-54-85(A). An important exception concerns substantial understatements of tax, however.
For federal purposes, an extended 6-year statute of limitations exists for substantial omissions of income - where a ...