Early distribution penalties and 60-day rollover failures are prevalent issues that tax preparers must handle despite the size of the firm or the wealth of your clients. There are penalty exceptions and waivers; but some issues have no possible resolution. Note: This class presents an in-depth discussion of issues presented in the instructor’s class Retirement Distributions: Planning Options.
History of the 60-day Rule and Recent Developments, Rulings and self-certification, Exceptions to the ten percent penalty, What the IRS knows: Forms 1099R and 5498, Form 5329 use and strategies.
CPAs, tax staff and other tax professionals
Recall exceptions from the 10% penalty for early distributions from retirement plans, IRAs and annuities. Consider the far reach of the once per year rollover rule and what circumstances have fatal consequences. Recognize the retirement plan information are furnished to IRS annually and what is not. Determine how to prepare Form 5329 and start the statute of limitations on penalties.
Mary Kay Foss
Mary Kay Foss, CPA, a director with Sweeney Kovar LLP, has more than 30 years of practical experience in advising clients about retirement, income and estate planning issues. She is a frequent lecturer for community, professional and business groups and has authored and presented courses for tax professionals throughout California.
Foss is past chair of both the CalCPA Estate Planning Committee and the Committee on Taxation. She is a past president of the Estate Planning Council of Diablo Valley, the East Bay Chapter of CalCPA and the Estate Planning Council of the East Bay. She is a member of the AICPA Trust, Estate and Gift Tax Technical Resource Panel and has been quoted in California CPA magazine, as well as national publications.
Non-Member Price $100.00
Member Price $75.00