IRA rollover rule delayed — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

IRA rollover rule delayed

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in Small Business Tax,Small Business Tax Deduction Strategies

In a controversial new case, the Tax Court ruled that the once-a-year limit on IRA rollovers applied to all the traditional IRAs owned by the taxpayer, instead of applying the rule separately to each IRA. (Bobrow, TC Memo 2014-21) This contradicted the IRS’ own position stated in Pub. 590, Individual Retire­­ment Accounts.

The IRS says it will hold off enforcing the new ruling until 2015. Spe­­cif­­ic­­ally, the rule will be applied to rollovers of IRA distributions received after 12/31/14. Rollovers of distributions received in 2014 will be unaffected. (IRS Announcement 2014-15)

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