Wednesday, April 9, 2014
In a recent Revenue Ruling, the IRS provided simplified safe harbor due diligence procedures for IRA rollovers. If qualified administrators follow the two examples of due diligence, it would give rise to the presumption that the administrators reasonably concluded that the rollover contribution was valid.
See Rev. Rul. 2014-9, Apr. 21, 2014.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this ruling to my attention.