On May 17, 2010, the IRS released Notice 2010-44, which provides comprehensive guidance to small businesses that are eligible for a new health-care tax credit under the recently passed health care reform legislation.
Iindividuals who have never before qualified to convert a traditional IRA to a Roth IRA will be eligible beginning in 2010. Joseph M. Kempter, Esquire, outlines the rules applicable to the conversion and the factors which must be considered in making the determination whether the conversion will be beneficial to the individual.
The IRS issued Notice 2009-82 advising that individuals who have received a 2009 required minimum distribution (“RMD”) have until the later of November 30, 2009, or 60 days after the date the distribution was received to roll it over. Thus, the IRS is waiving the 60 day rollover requirement to give taxpayers who received distributions in 2009 prior to the waiver of RMDs for 2009 the opportunity to return the 2009 RMD to the IRA or plan. The Notice also outlines the steps a retirement plan sponsor must take to allow participants to not receive an RMD during 2009. The one rollover per year limitation was not altered by the Notice so taxpayers who have already completed a rollover under the 60 day rule will be ineligible.
