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In a recent case, the Tax Court ruled that code Sec. 408(d) (3) (B), which deals with limitations on rollover contributions to an individual retirement account (IRA), applies to all of a taxpayer's IRAs not to each individual IRA. The IRS has announced that it will follow the Tax Court holding that all of a taxpayer's IRAs must be grouped together for purposes of the one-rollover per year limitation. However, the one-year wait period applies separately to all traditional IRAs and all Roth IRAs.
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One of the most innovative provisions of the Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (the Uniform Guidance) includes the requirement for Federal Agencies to perform risk evaluations of potential grantees. The specific requirements are included in §200.205 Federal Awarding Agency Review of Risk Posed by Applicants. This document will: (1) provide an overview of the new risk based framework, (2) identify and define the evaluation framework, (3) identify critical requirements for funding opportunity announcements, and (4) identify risk based award provisions available to Federal Agencies.
For many, the thought of retirement is a long way off. For some, it may be just around the corner. No matter where you are in relationship to retirement, preparing for your retirement takes good planning and effort.
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