News & Articles

Update on the IRA 'One Rollover a Year' Rule

Posted on Wed, May 21, 2014

The U.S. Tax Court made a controversial ruling in January that contradicted an IRS publication designed to explain the law to taxpayers. In Bobrow, the court ruled that the one-rollover-per-year rule applies to all of taxpayer's individual retirement accounts (IRAs) in aggregate, rather than on an account-by-account basis. This ruling is significant for taxpayers with several IRA accounts.

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Tags: EHTC Article, IRA Distributions, IRA Rollover, U.S. Tax Court, 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