IRA Rollover Court Case Contradicts Longstanding Interpretation

Our nation's tax laws are complex and may not always make sense to taxpayers. Even tax professionals have difficulty at times. In one new case, the U.S. Tax Court issued a ruling that contradicts what is clearly stated in an IRS document published to help explain the law and citizens' responsibilities. In the recent decision, the Tax Court ruled that the one-IRA-rollover-per-year limitation Continue Reading

IRS Offers New Guidance on Roth 401(k) Rollovers

As the name implies, the "Roth 401(k)" is a hybrid retirement plan that an employer can provide to its employees. This type of plan combines several elements of traditional 401(k) plans with Roth IRA features in designated accounts. Now, the IRS has issued new guidance on rolling over funds from a traditional 401(k) account to a Roth account within the same plan (Notice 2013-74). IRS Continue Reading