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Mar 1, 2008 12:00 PM
Tax Preparation Alert
For perhaps the first time in tax preparation history, traditional and Roth individual retirement accounts (IRAs) must be screened for so-called “wash sales” — thanks to Revenue Ruling 2008-5, Internal Revenue Bulletin 2008-3. The ruling has no effective date.
Practitioners can accomplish this screening by including a question on a tax organizer to be completed by the taxpayer, or by way of income tax preparation checklists. Failure to catch wash sales involving traditional or Roth IRAs would have the same consequences as failing to catch any other wash sale: The Internal Revenue Service would regard it as an omission.
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| GSTs | Family Offices |
| Private Foundations | Life Insurance |
| 2010 Tax Act News | Industry Trends Surveys |
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