News & Articles

Avoid Retirement Account Rollover Pitfalls

Posted on Mon, May 19, 2014

After retiring or leaving a job, your first big tax question might be: What should I do with the money in qualified retirement plan accounts with my former employer? These accounts include 401(k)s, profit-sharing plans and stock bonus plans. The standard advice is to roll everything over into an IRA. That advice generally makes sense, because you can take over management of your retirement funds while continuing to defer taxes on the income generated.

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Tags: EHTC Article, Retirement, 401k Plan, IRA Rollover, Federal Taxes, Individual's IRAs, Direct Rollover, Articles, Taxes

IRA Rollover Court Case Contradicts Longstanding Interpretation

Posted on Tue, Feb 25, 2014

As we all know, tax law is often convoluted. To illustrate the complexity, the U.S. Tax Court recently ruled against what is clearly stated in an IRS publication designed to explain the law to citizens. In the new case, the Court stated that the one-rollover-a-year rule applies to all of an individual's IRAs rather than on an account-by-account basis. Here is an explanation of the controversial decision and the rules involved in transferring money from one IRA to another. 

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Tags: EHTC Article, Tax Laws, IRA Rollover, U.S. Tax Court, Individual's IRAs, business consulting, CPA Firm