If you have access to Tax Notes, a subscription service for tax professionals from Tax Analysts, you’ll see my letter to the editor in today’s issue, responding to an opinion piece by Lee Sheppard. Last week she suggested the IRS should adopt an aggregation rule for use in Roth recharacterizations, to prevent cherry-picking when undoing conversions. I pointed out that the IRS can’t adopt such a rule in the current state of the law, and more importantly, such a rule would be unworkable. (more…)
Archive for September, 2010
Aggregation Rule for Recharacterizations?
Tuesday, September 7th, 2010More Bad News for RALs
Friday, September 3rd, 2010The seamy but profitable business of offering refund anticipation loans, or RALs, took a body blow last month when the IRS announced it would no longer provide debt indicators to RAL providers. The news since then has not been good for the RAL industry. (more…)
