Track dates to save clients from new, big IRS fees
The IRS has increased its fees to request private-letter rulings (PLRs) for extensions upon missing two common retirement deadlines: 60-day rollovers and Roth recharacterizations.
Effective Feb. 1, 2016, fees for requesting PLRs to extend the deadlines jump to $10,000 per request. These are serious increases: Before, the 60-day fee was on a sliding scale from $500 to $3,000, depending on the the rollover amount; the late Roth recharacterization fee was $4,000.
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