News & Analysis as of

Limitation on IRA Rollovers: Once Per Year Only

The Internal Revenue Service (“IRS”) has narrowed the rules relating to Individual Retirement Account (“IRA”) rollovers by withdrawing longstanding proposed rules to reflect a recent U.S. Tax Court ruling in Bobrow v....more

IRS Takes New Position on IRA 60-Day Rollover Rule: Bobrow v. Commissioner, T.C. Memo 2014-21

In light of its recent Tax Court victory in Bobrow v. Commissioner, the IRS is taking a tougher stance on a taxpayer's ability to make more than one tax-free/penalty-free IRA rollover per year. This change in policy will take...more

New IRA Rollover Interpretation Has Implications For Banks

In a new interpretation with implications for banks, the Internal Revenue Service (IRS) announced its intent to change course and limit rollovers from an Individual Retirement Account (IRA) to one rollover per year per...more

IRS Issues Notice on Expanded In-Plan Roth Conversion Option

Guidance confirms that plan sponsors have flexibility in designing and implementing a feature that allows participants to convert vested pre-tax balances to after-tax Roth balances....more

IRS Announces Deadline to Make 2012 Charitable/IRA Rollovers

On January 16, 2013, the IRS issued a notice (IR-2013-6) advising that certain IRA owners have a limited time to make tax-free transfers to eligible charities and have them count for 2012. IRA owners age 70½ or older have...more

New Tax Act's Impact on Planning for Charitable Donations

New Year's Day brought new tax legislation passed by Congress, called the American Taxpayer Relief Act of 2012 (the "Act"), which President Obama has signed into law. The Act has made some important changes to the tax law...more

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