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Worker, Retiree, and Employer Recovery Act of 2008
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On December 23, 2008, President Bush signed into law the "Worker, Retiree, and Employer Recovery Act of 2008 (H.R. 7327)." This new bill primarily deals with pension recovery provisions and pension-related technical corrections. Some highlights of the new bill are: Required Minimum Distributions Not Required in Year 2009 Taxpayers who are age 70 1/2 or older will not have to take required minimum distributions (RMDs) from qualified retirement accounts in 2009. Non-Spouse Beneficiary Rollovers The new law clarifies that ALL qualified plans MUST allow rollovers out of the plan for non-spouse beneficiaries. Increased Late-Filing Penalties for Partnerships & S Corporations The failure-to-file penalty for partnerships will increase to $89 per partner, per month, up to 12 months for returns filed on or after January 1, 2009. The failure-to-file penalty for S corporations will increase to $89 per S shareholder, per month, up to 12 months for returns filed on or after January 1, 2009. Technical Explanation and Other Provisions of the Act For more information
on the
Worker, Retiree, and Employer Recovery Act of 2008,
click here
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