Rely on What the IRS Says… At Your Own Peril

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In a series of previous articles, we discussed the impact of the case against the Bobrows, the taxpayers who rolled over more than one IRA within the same 12-month period, only to find out from the Tax Court that this was not allowed.

In the Court’s order on a motion of reconsideration, they provide this ominous warning:

The Court was aware of the position taken in Publication 590 prior to the issuance of the opinion in this case. Since neither party discussed Publication 590 in their briefs, the Court did not address it in its holding. Regardless, respondent’s published guidance …read more

Read more here:: Tax

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