E-newsletter Logo

New IRA and Retirement Plan Rollover Procedures

Currently, funds from an IRA can be rolled over into another retirement plan or IRA within 60 days of a distribution of the funds. Under the new Revenue Procedure 2016-47, a self-certification procedure is now in place to assist recipients of retirement plan payments who inadvertently miss the 60-day time limit for the rollover in registering for a rollover waiver. The IRS offers additional helpful information about these procedures on its Rollovers of Retirement Plan and IRA Distributions page.

How IRC Section 2704 Updates Impact Family Businesses and Investments

New regulations were recently added to the Internal Revenue Code Section 2704 aimed at preventing taxpayers from utilizing multiple strategies to produce lower asset values in an effort to reduce taxes placed on wealth transfer taxes, which include federal gift, estate and generation-skipping transfers. In establishing these rules, the IRS aims to close loopholes that enable the manipulation of assets, though some argue that it will produce an evaluation that is not reflective of the true fair market value. A breakdown of the proposed regulations can be found online.

Click on one of the following for additional updated information:
August 2016 Firm Newsletter
July 2016 S.A.L.T Newsletter

To learn more about Sanders Thaler Viola & Katz, LLP, visit www.st-cpas.com.

© 2016 Sanders Thaler Viola & Katz, LLP - Certified Public Accountants and Advisors - New York
Share with a Friend | Subscribe | Unsubscribe