IRAs

IRS Will Follow the Tax Court on One-IRA-Rollover-per-Year Rule

To settle the question of whether the limitation on rolling over one IRA per year under Sec. 408(d)(3)(B) applies to taxpayers on an aggregate basis or on an IRA-by-IRA basis, the IRS announced it will follow the a recent Tax Court's recent decision, applying the rule on an aggregate basis, meaning no matter how many IRAs a taxpayer has, the taxpayer is limited to one rollover per year.

Second Rollover Is Taxable

The Tax Court held that where a taxpayer distributed and within 60 days repaid funds from two separate IRAs within a one-year period, only the first distribution and repayment was a nontaxable rollover.

Newsletter Articles

PRACTICE MANAGEMENT

Tax software survey

Our annual survey offers a look at how CPAs judged their tax preparation software in a wide range of types of practices.

NEWS

Congress enacts tax reform

Here are many of the most important provisions in the new law that affect both individual taxpayers and businesses. All changes were effective Jan. 1, 2018, except as noted.