With Thanksgiving around the corner, we are paying special attention to one of our core values: Attitude of Gratitude. We are very grateful for your continued business. Thank you for giving us the opportunity to serve you!
PROVIDENT REMINDERS
Fair Market Valuation Reminder
On October 14th, Provident Trust Group mailed a Fair Market Value ("FMV") letter and form to all IRA clients. As an IRA custodian, we are required to report the FMV on the Form 5498 for all IRA accounts as of December 31st every year. In addition, the FMV will be used to calculate Required Minimum Distributions, when applicable.
If you need to update the value of the asset(s) in your account, please download and complete the FMV Form, which can be found here. Completed FMV Forms are due back to us by March 1, 2017 in order to avoid corrections to the Form 5498.
SELF-DIRECTED SPOTLIGHT
IRS Update: Revenue Procedure 2016-47, the new self-certification procedure regarding waiver of the 60-day rollover requirement
Distribution from an IRA or workplace retirement plan can only qualify for tax-free rollover treatment if it is contributed to another IRA or workplace plan by the 60th day after it was received. Before Revenue Procedure 2016-47, if you missed this 60-day window, you would have to obtain a private letter ruling from the IRS to have the requirement waived. This could end up resulting in a very expensive process for something as simple as an inadvertent mistake. However, the IRS has simplified this rule through Revenue Procedure 2016-47, which enumerates certain circumstances where a waiver of the 60-day rule could apply without the need for a private letter ruling. In order to utilize this provision, the taxpayer must self-certify that he/she meets the appropriate criteria for the waiver and must provide this information to the plan administrator or trustee in a timely fashion. For more detailed information on how to use Revenue Procedure 2016-47, please review it at https://www.irs.gov/pub/irs-drop/rp-16-47.pdf. The IRS has even provided a sample self-certification form, which can be found in the Appendix of Revenue Procedure 2016-47.
Here are a few of the most popular articles from around the industry that we've posted over the past few weeks. Connect with us online through social media to ensure you don't miss a thing!
How the Wrong Choice Could Ruin Your Spouse's Retirement
Three key decisions about retirement benefits can help couples make their money last - or dramatically reduce it.
The information provided herein is for educational and informational purposes only, and should not be construed as any investment, financial, legal, or tax advice. Additionally, the information contained herein does not constitute an offer by Provident Trust Group to invest or to provide management/advisory services or a recommendation to enter into any securities transactions or investment strategies, and is subject to correction, completion and amendment without notice.
