{"id":692,"date":"2016-10-14T22:33:00","date_gmt":"2016-10-14T22:33:00","guid":{"rendered":"http:\/\/www.chriswhalencpa.com\/?p=692"},"modified":"2017-04-23T00:57:53","modified_gmt":"2017-04-22T13:27:53","slug":"tax-memo-rollovers-iras-pension-plans-timing-everything","status":"publish","type":"post","link":"https:\/\/www.chriswhalencpa.com\/tax-memo-rollovers-iras-pension-plans-timing-everything\/","title":{"rendered":"Tax Memo – Rollovers from IRAs and Pension Plans – Timing is Everything"},"content":{"rendered":"

The IRS Has Eased Rules on the timing of IRA and Pension Rollovers<\/span><\/strong><\/p>\n

The Internal Revenue Service today provided a self-certification procedure designed to help recipients of retirement plan distributions who inadvertently miss the 60-day time limit for properly rolling these amounts into another retirement plan or individual retirement arrangement (IRA).<\/span><\/p>\n

In Revenue Procedure 2016-47<\/a>, posted today on IRS.gov, the IRS explained how eligible taxpayers, encountering a variety of mitigating circumstances, can qualify for a waiver of the 60-day time limit and avoid possible early distribution taxes. In addition, the revenue procedure includes a sample self-certification letter that a taxpayer can use to notify the administrator or trustee of the retirement plan or IRA receiving the rollover that they qualify for the waiver.<\/span><\/p>\n

Normally, an eligible distribution from an IRA or workplace retirement plan can only qualify for tax-free rollover treatment if it is contributed to another IRA or workplace plan by the 60th<\/sup> day after it was received. In most cases, taxpayers who fail to meet the time limit could only obtain a waiver by requesting a private letter ruling from the IRS.<\/span><\/p>\n

A taxpayer who missed the time limit will now ordinarily qualify for a waiver if one or more of 11 circumstances, listed in the revenue procedure, apply to them. They include a distribution check that was misplaced and never cashed, the taxpayer\u2019s home was severely damaged, a family member died, the taxpayer or a family member was seriously ill, the taxpayer was incarcerated or restrictions were imposed by a foreign country.<\/span><\/p>\n

Ordinarily, the IRS and plan administrators and trustees will honor a taxpayer\u2019s truthful self-certification that they qualify for a waiver under these circumstances. Moreover, even if a taxpayer does not self-certify, the IRS now has the authority to grant a waiver during a subsequent examination. Other requirements, along with a copy of a sample self-certification letter, can be found in the revenue procedure.<\/span><\/p>\n

The IRS encourages eligible taxpayers wishing to transfer retirement plan or IRA distributions to another retirement plan or IRA to consider requesting that the administrator or trustee make a direct trustee-to-trustee transfer, rather than doing a rollover. Doing so can avoid some of the delays and restrictions that often arise during the rollover process. For more information about rollovers and transfers, call me directly, (732) 673-0510.\u00a0<\/span><\/p>\n

Please reach out to me without hesitation with any tax,<\/span><\/span><\/p>\n

business or<\/span> <\/span>accounting question,<\/span><\/p>\n

and to schedule a consultation.<\/span><\/p>\n

Tax Laws are complex.<\/b><\/span><\/p>\n

It is very easy to make mistakes that can incur penalties.<\/span><\/p>\n

Do you have a Tax, Accounting or Business Question?<\/span><\/p>\n

Is your CPA or Attorney\u00a0<\/span>ignoring you?<\/span><\/span><\/p>\n

Call Me Immediately.<\/span><\/p>\n

(732) 673-0510.<\/span><\/p>\n

Remember,<\/span><\/p>\n

\u201cIf We Aren\u2019t Working For You, Then You Aren\u2019t Working At Your Best\u201d<\/span><\/h3>\n

Chris Whalen, CPA<\/span>
\n(732) 673-0510<\/span>
\n79 Oak Hill Road<\/span>
\nRed Bank, NJ 07701
\nwww.chriswhalencpa.com<\/a><\/span><\/p>\n

\"cw-cpa-logoweb\"<\/p>\n

\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The IRS Has Eased Rules on the timing of IRA and Pension Rollovers The Internal Revenue Service today provided a self-certification procedure designed to help recipients of retirement plan distributions […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[57],"tags":[],"yoast_head":"\nTax Memo - Rollovers from IRAs and Pension Plans - Timing is Everything - Chris Whalen CPA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.chriswhalencpa.com\/tax-memo-rollovers-iras-pension-plans-timing-everything\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tax Memo - Rollovers from IRAs and Pension Plans - 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