IRS Extends Tax-Related Acts Due to Recent Storms

By Ascensus June 2, 2006

June 2, 2006 – In response to recent storms in the New England states and in Hawaii, the IRS has issued four news releases extending deadlines for filing tax returns, making certain payments and completing certain time-sensitive tax-related acts under Treasury Regulation 301.7508A-1(d)(1).  These time-sensitive acts include such things as completion of rollovers, receiving RMDs, […]

IRS to Allow Tax Refunds Directly Deposited Into Retirement Accounts

By Ascensus June 2, 2006

June 1, 2006 – The IRS has issued news release IR-2006-85, informing taxpayers that income tax refunds may for future tax years be direct-deposited to up to three financial accounts: savings, checking, and retirement accounts. The IRS is creating a new Form 8888 that will allow taxpayers to elect their deposit accounts to the IRS. […]

HERO Law Makes Combat Pay Eligible Compensation for IRA Contributions

By Ascensus May 31, 2006

May 31, 2006 – President Bush signed into law the Heroes Earned Retirement Opportunities (HERO) Act (H.R. 1499) on Memorial Day, May 29, 2006. This legislation allows persons receiving nontaxable combat pay to make IRA contributions based on such compensation. Prior to this legislation, only taxable income could be taken into account for purposes of […]

HSA House Bill Causes Big Concern

By Ascensus May 25, 2006

May 25, 2006 – The Tax-Free Health Savings Act (H.R. 5262), introduced recently by Rep. Eric Cantor (R-Va.), would impose steep penalties on those using HSA assets for non-medical purposes and on HSA assets upon the HSA owner’s death. The current 10 percent penalty would be increased to 30 percent for nonqualified distributions, and a […]

Pension Reform Bill Continues to Make Progress

By Ascensus May 25, 2006

May 25, 2006 – Senate Finance Committee Chairman Charles Grassley reports that members of the Senate and House will continue to craft pensions reform bill compromise provisions (even while legislators are on their Memorial Day recess) in an effort to reconcile the two different versions passed by each chamber. Conferees are working towards compromised provisions […]

Senate Approved HERO Act, Expecting Presidential Signature

By Ascensus May 23, 2006

May 23, 2006 – The Senate has agreed to the recent House-passed version of H.R. 1499, the Heroes Earned Retirement Opportunities Act, and it is now ready for President Bush’s signature.  This bill will allow nontaxable combat pay to be taken into consideration for purposes of IRA contribution eligibility. The Senate has agreed to the […]

Bill Includes Tax Break for HSA-Compatible Insurance Coverage

By Ascensus May 19, 2006

May 19, 2006 – Sen. Rick Santorum (R-Pa.) and Sen. Lisa Murkowski (R-Alaska) have introduced a bill (S. 2701) to provide a refundable personal income tax credit for costs incurred in purchasing high deductible health insurance coverage that is compatible with health savings accounts (HSAs). Tax benefits for the cost of such insurance coverage are […]

IRS Issues Revised General Instructions for Forms W-8BEN

By Ascensus May 19, 2006

May 19, 2006 – The IRS has released updated general instructions for Form W-8BEN, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding.  Form W-8BEN is used when certain nonresident aliens receive distributions from retirement arrangements, including IRAs, and such distributions are subject to U.S. tax withholding. The updated instructions, Instructions for […]

President Signs Tax Reconciliation Act That Has Roth Conversion Effect

By Ascensus May 18, 2006

May 18, 2006 – President Bush signed into law Wednesday, May 17, 2006, the Tax Increase Prevention and Reconciliation Act of 2005. The provisions of this Act affect a broad spectrum of taxpayers, with the two largest pieces of the Act being the extension of the lower tax rates on capital gains and dividends, and […]

June 2006 Interest Rates

By Ascensus May 17, 2006

June 17, 2006 – The IRS has released the applicable federal interest rates for June 2006 as posted in Revenue Ruling 2006-29. These rates are used for, among other things, such purposes as determining retirement arrangement distribution amounts intended to satisfy the requirements of IRC Sec. 72(t)(2)(A)(iv), substantially equal periodic payments. Revenue Ruling 2006-29 may […]

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