On Friday, June 9, 2017, the Internal Revenue Service issued Revenue Procedure 2017-34, which permits certain estates to make a late portability election if they previously failed to make a timely election. In its simplest form, if a deceased spouse has not fully utilized his or her Federal Estate Tax […]
Taxation Blog
You Failed To Rollover, Beethoven? No Worries, The IRS Is Here To Help
January 30, 2017 | by Gary BotwinickWhen you take a distribution from an IRA or another type of qualified retirement plan, you have 60 days to rollover that money into another IRA or the same account. So what happens if, for one reason or another, the money did not get rolled-over within the 60-day period? What […]
On September 21, 2016, the Senate Committee on Finance voted unanimously to end the “Stretch IRA,” as part of the Retirement Enhancement and Savings Act of 2016 (“RESA”). However, before it becomes law, it must be approved by both houses and signed off on by President Trump. The Stretch IRA […]
Imagine that you decide to relocate from New Jersey to Florida, hoping to escape the cold weather and one of the nation’s highest state income taxes, a whopping 8.97% on income over $500,000. You pack up some of your personal belongings, but you still maintain your home in New Jersey […]