Tax Tips – IRA rollovers: Handle with care

Description

Abstract: In this issue, “Tax Tips” looks at a recent Tax Court determination that the “one-rollover-per-year” limit for IRAs applies on an aggregate basis, as opposed to the “one-per-IRA-per-year” interpretation that the IRS has been following. Also discussed is a case in which the U.S. Supreme Court ruled that severance payments to involuntarily terminated employees were taxable wages for FICA purposes. Finally, it’s noted that the IRS has recently clarified the tax treatment of virtual currency.