10-12-11 IRA Rollovers to Charities

Tax News You Can Use . . .

Delay in Investment Basis Reporting Requirements by Investment Firms

The IRS has received several complaints about the 1/1/2013 effective date for report basis for broker basis in debt instruments and options. The complaints state that brokerage firms need more time to prepare and test systems that will calculate such basis. Because of these complaints, the IRS has announced that the new effective date for such reporting with now be 1/1/2014.

(1) IRS. Internal Revenue Service 4 May 2012

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10-12-11 IRA Rollovers to Charities

IRA Rollovers to Charities

Anyone who holds an IRA that is age 70.5 or older may make a donation to a charity directly from their IRA. This can be $100,000 or less each year. At this point, the Pension Protection Act that provides this option has only been extended to the end of 2011. This contribution will qualify for the required minimum distribution (RMD).

(1) IRS. Internal Revenue Service 3, October 2011

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Napier & Company, LCC

Certified Public Accountants & Business Consultants

Tax News You Can Use . . .

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10-12-11 IRA Rollovers to Charities