On August 3, 2022, the IRS published Notice 2022-33, which extends the deadlines for amending retirement plans and IRAs to reflect certain changes to the law made by the SECURE Act; the Bipartisan American Miners Act; and section 2203 (allowing waiver of 2020 required minimum distributions) of the CARES Act. Before the IRS released Notice
Understanding Employee Benefits and key developments in the employee benefits field and items of interest to our clients. MORE
Even a Tax Lawyer Can Get the IRA Rollover Rules Wrong – Part 3
By Stinson LLP on
Even a Tax Lawyer can get the IRA Rollover Rules Wrong
By Stinson LLP on
Individuals are permitted to roll over amounts in one IRA to another IRA only once in a 12 month period. The rollover must be completed within 60 days. A tax lawyer at a major New York law firm recently tripped on this rule to his detriment. The tax lawyer had several different IRAs. He took …
Another Reason to be Careful if ROBS is Your Business Financing Strategy
By Stinson LLP on
I blogged earlier this year about a tax court decision in which taxpayers used assets in their IRA to finance a new business in a structure sometimes known as ROBS or Rollover for Business Startups. Unfortunately, because of personal guarantees provided by the taxpayers at the time that the business owned by the IRA was …
IRAs and Bankruptcy – This is a Technical One
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This post deals with protecting IRAs in bankruptcy – and the IRA was ultimately protected – but the arguments made are ones that only an ERISA junkie might appreciate.
1. IRAs are protected in bankruptcy only if the IRAs are tax exempt.
2. IRAs are tax exempt only if they do not engage in prohibited …
Be Careful if ROBS Is Your Business Financing Strategy
By Stinson LLP on
Various promoters have suggested to entrepreneurs that they use the assets in their 401(k) plans or IRAs to finance a new business. These programs are sometimes known by the acronym ROBS, or Rollovers as Business Start-ups. The basic structure involves the entrepreneur’s rollover from a prior employer of the amount in his or her qualified …