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IRAtv: Can IRS Regulate Persons Who Prepare Tax Returns for a Fee?

Wednesday, January 30, 2013  No comments

ed slott video loving et al vs. IRS tax return decision
A Washington, D.C. district court handed down a ruling that affects all of us as the 2012 tax season gets underway. The court ruled in Loving et al vs. IRS that the Internal Revenue Service did NOT have the authority to regulate persons who prepare or help prepare tax returns for a fee. They couldn't order these individuals to pass a test or maintain a minimum required level of competency.

Ed Slott and Company IRA Technical Consultant Jeffrey Levine details the court decision (IRS had been allowed to regulate these individuals since 2011) and what it means for taxpayers and tax prepares in the video below.



-By Jeffrey Levine and Jared Trexler

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Thursday's Slott Report Mailbag

Consumers: Send in Your Questions to mailbag@irahelp.com

Q:
Can I transfer money from my IRA to my husband's Roth IRA? I am 35, and he is 36.

Thank you!

Gail Clements

A:
No. The only way your IRA funds can be transferred to your husband’s IRA is in a divorce or after your death. Even then, it would have to be transferred to a similar IRA, for example an IRA to IRA or a Roth IRA to another Roth IRA. In this case, you cannot transfer your IRA into your husband’s Roth IRA.

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