The basic required minimum distribution (RMD) rules are well known by tax advisers and by many clients. Individual retirement account (IRA) owners must take RMDs once they reach their required distribution date or face a penalty of 50% of the undistributed amount.
That said, some of these same IRA owners fail to take RMDs or any distributions. This might go on for many years, leaving a potentially huge tax obligation for the IRA owner, a beneficiary, a trustee or an