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1. IRS fills in details of one-a-year IRA rollover rule   WebExclusive

BY Sally P. Schreiber, J.D.
The IRS clarified how the recently announced change in how it interprets the statutory one-rollover-per-year rule for individual retirement arrangements (IRAs) will affect 2014 rollovers and how the rules will apply starting in 2015 (Announcement 2014-32).Sec. 408(d)(3)(A)(i) permits a tax-free rollover of funds in a taxpayer’s IRA as long as the amount distributed to the taxpayer is paid into an IRA for the taxpayer’s benefit within 60 days, subject to the one-rollover-per-year limit of Sec.

2. Asset protection of retirement funds after Clark   CPEDirect

BY Daniel S. Rubin, Esq.
What’s in a name? According to the U.S. Supreme Court, nothing.In June, the Supreme Court in Clark v. Rameker, No. 13-299 (U.S. 6/12/14), said that just because funds are held in an account called an individual retirement account (IRA), it doesn’t necessarily mean that they are retirement funds.

3. QDROs demand the attention of CPAs   CPEDirect

BY Ray A. Knight, CPA/PFS, J.D., and Lee G. Knight, Ph.D.
A key issue in separation, divorce, and other domestic relations proceedings is whether and how to divide a participant’s interest in a retirement plan. This is a recurrent issue in divorce proceedings, because more than 90 million workers in the United States actively participated in private employer-sponsored retirement plans as of 2011 (Department of Labor, Private Pension Plan Bulletin, June 2013, available at tinyurl.com/muvj2pr).

4. Guidance issued on application of Windsor to retirement plans  

BY Alistair M. Nevius, J.D.
Qualified plans must recognize same-sex marriages after the Windsor decision and must be amended, if need be, to make them conform to the results of that decision. Under guidance issued by the IRS, administrators of qualified retirement plans must recognize the same-sex spouses of legally married participants as of June 26, 2013, but are not required to amend their plans to retroactively recognize participants’ legal same-sex marriages before that date.The Supreme Court, in Windsor, 133 S.

5. Rollover contribution to second IRA disallowed  

BY Charles J. Reichert, CPA
The Tax Court held that a taxpayer who received distributions from two individual retirement accounts (IRAs) and later transferred the amounts back into his IRAs had taxable income equal to the amount of the second transfer. According to the court, the plain language of Sec. 408(d)(3)(B) allows a taxpayer to make only one tax-free rollover contribution during a one-year period.

6. How to help clients make the right Social Security election   CPEDirect

BY James Sullivan, CPA/PFS
As the wave of Baby Boomer retirements continues, it is more important than ever for CPAs to understand how to help clients be in the best position to maximize Social Security benefits. Mastering the intricacies of the rules is no easy task, especially for accountants who don’t concentrate full time on financial planning.

7. Loan guarantee terminates IRA  

BY Charles J. Reichert, CPA
The Tax Court held that two taxpayers’ personal guarantees of a loan to a company whose stock was owned by their individual retirement accounts (IRAs) were indirect extensions of credit to the IRAs, a prohibited transaction. Thus, the IRAs ceased to qualify as IRAs at the beginning of the tax

8. PFP Q&A: Planning for change   CPEDirect

BY Chris Baysden
With the Baby Boomer generation hitting retirement age, personal financial planning has become an increasingly important service for many accounting firms. But practitioners are dealing with plenty of changes, including the implementation of new tax laws and the landmark rollout of new standards. The JofA assembled a team of industry insiders for a round-table discussion of the important issues affecting CPAs who advise individual clients in retirement, tax, estate, risk management, and/or investment planning at such an important time.

9. Making a “backdoor” Roth IRA contribution   CPEDirect

BY Kim T. Mollberg, CPA, CGMA, CMA, MBT
Sec. 408(d)(1) ordinarily requires a pro rata allocation between taxable and nontaxable amounts (using the Sec. 72 annuity rules) when reporting distributions received from an individual retirement plan (an individual retirement account or annuity (IRA)). The practical effect is that a taxpayer must recover any nontaxable amount (basis) ratably as distributions are received, by tracking basis on Form 8606, Nondeductible IRAs.

10. Properly assessing the reverse mortgage option   CPEDirect

BY Nicholas C. Lynch, Ph.D. and Charles R. Pryor, Ph.D.
The recent recession left no age group untouched, but baby boomers were hit especially hard. High unemployment and an uncertain stock market have caused older Americans to realize that their retirement funds might not support their desired lifestyle. Many seniors are facing foreclosure, while others are unable to meet their basic needs, such as paying medical, energy, and other daily living expenses.
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