New Rules on IRA Rollovers that Fail the 60 Day Rule

The IRS is simplifying the procedure for getting a waiver of the 60 day rollover rule in cases where there was a problem with the process or an unexpected event. Often when rolling over amounts into another IRA, a taxpayer will receive a check which then must be sent to the new investment firm. Sometimes that process breaks down due to mail delays, unexpected events or other reasons. The new procedure is linked below

New rules for 60 day rollover limit

The IRS Fails its Own Reimbursement Policy

Recently, the Treasury Inspector General for Tax Administration (TIGTA) reviewed the IRS due diligence efforts in tracking employees potentially engaged in temporary assignments greater than a year and whether their travel reimbursements were treated as taxable income in those situations.

They are not doing the best job and partly due to confusion about the rules among the supervisors. They did however, find that the IRS had established adequate guidance on when travel reimbursements are taxable – in other words, there wasn’t an excuse 🙂

The full report can be found here TIGTA Report