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In Down Market, Consider Recharacterizing Your Conversion to a Roth IRA

In Down Market, Consider Recharacterizing Your Conversion to a Roth IRA

AAFCPAs reminds our clients and friends that October 15th is the deadline for re-characterizing (“undoing” or “reversing”) a rollover or conversion to a Roth IRA from a traditional IRA made in 2014. This is a rare opportunity offered by the IRS, where you, as a taxpayer, may undo a tax strategy that may no longer […]

IRS Announces Adjustments Affecting Retirement Plans

IRS Announces Adjustments Affecting Retirement Plans

The Internal Revenue Service recently announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2015. These adjustments affect anyone contributing to a retirement plan account, and to fiduciaries and administrators of retirement plans. The chart linked below can help you determine where you fall within the […]

Significant changes announced to IRA rollover rules

Significant changes announced to IRA rollover rules

The IRS announced changes to the rollover rules relating to Individual Retirement Accounts (IRAs) as a result of a recent Tax Court case (Bobrow v. Commissioner). Prior to the Court’s decision, an individual could take cash distributions from multiple IRAs and obtain tax free rollover treatment so long as the funds were rolled over to […]