A CHANGE TO THE IRA ROLLOVER RULES

Glenn Bailey, CPA

A Tax Court ruling in January 2014 (Bobrow; TC Memo 2014-21) changed long-standing IRS rules defining when and how often you can rollover money tax-free from one IRA to another.

A “rollover” is defined here as withdrawing money from an IRA and then re-depositing it in the same or a different IRA within 60 days of the original withdrawal. These are considered tax-free transactions and are generally used to change the investment custodian or manager. They are occasionally […]

IRS PROVIDES GUIDANCE ON ANNUAL IRA ROLLOVER LIMIT

Kelly Lopez, CPA
IRS Issued Announcement 2014-32 last week, which provides guidance on the IRA one-rollover-per-year Rule.
Generally, you are not allowed to withdraw money from  an IRA until you reach age 59 1/2. If you do, the cash is subject to a 10%  penalty in addition to tax, making early distributions potentially very costly.
If a distribution from an IRA is  paid directly to you, you can avoid the related tax and penalty as long as you deposit the distribution in […]

REPORTING FOREIGN ASSETS: ANSWERS TO YOUR TOP QUESTIONS

Brian Wynne, CPA

With the June 30 deadline approaching for filing FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), we’ve posted over at JDKatz’s “The Joy of Tax Law” blog, providing a number of details on the requirements for reporting foreign assets. Specifically, we answer the following questions:

What is FATCA and what do I need to disclose?
What is a foreign financial asset?
What forms do I have to file for FATCA?
What happens if I […]