A recent tax court case decision changed the interpretation of the “one-rollover-per-year” rule, resulting in more restrictions on IRA rollovers. Starting January 1, 2015, you can make only one rollover from an IRA to another (or the same) IRA per year, no matter how many IRAs you have. However, you are still allowed to make as many transfers from trustee to trustee as you want and as many rollovers from traditional IRAs to Roth IRAs (“conversions”) as you want. Read more
Under the Foreign Account Tax Compliance Act, which has gone into effect starting July 1, the IRS now has the capability to assess an individual’s financial assets held in foreign institutions. This capability is unprecedented and represents the dynamically shifting global atmosphere of information sharing between governments and businesses. FATCA aims to attain maximum transparency and optimize tax revenue. However, it is uncertain what type of effect this will have on American citizens
