Please remind your clients, age 70½ or older to take their 2012 required minimum distributions (RMD) by Dec. 31 or April 1, 2013, if they were 70½ in 2012, to avoid the 50 percent excise tax on any amount of an RMD they do not take on time.

Additionally, if they have exceeded the 2012 IRA contribution limit, they may withdraw excess contributions from their accounts by the due date of their tax returns (including extensions). Otherwise, they must pay a 6 percent tax each year on the excess amounts remaining in their account.

Go to the RMD page on IRS.gov for more information.