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I am Flattered by Your Praise
By Stacie Clifford Kitts, CPA
Well its out. Accounting Today over at WebCPA.com has named the accounting industries 2009 top 100 most influential people. Although I am not named – really no surprise there, I am all giddy about Liz Gold over at Accounting Tomorrow labeling my blog Stacie’s More Tax Tips as a “Cool” blog.
I just can’t wipe the grin from my face as I read that my post “An Accountants Search for the Bat Cave – A Story About Networking” is “a fresh, fun take on an old issue and Kitts offers an honest approach to finding the answer.”
Wow really, thanks Liz. I am truly flattered.
Liz has recently cast a line in search of “young CPA’s” in her article Young CPA’s Wanted! – young being under 40, who have struck out on their own breaking from normal firm attitudes. I must tell you that I am a little bummed that I am now considered an “old” accountant. But even though old, I am proud to say that I have always been known as the accountant lacking in the typical firm “mentality” or more accurately a partner once said to me, “You are not like other accountants. You really think differently…oh -But in a good way.”
No kidding, he actually added, “but in a good way.” However, that’s another story. 🙂
Guidance – For Plan Sponsors – Required Minimum Distribution Notice 2009-82
Notice 2009-82 explains that those who have received a 2009 required minimum distribution have until the later of Nov. 30 2009, or 60 days after the date the distribution was received to roll it over. The notice also provides guidance for retirement plan sponsors.
Notice 2009-82 will appear in IRB 2009-41 dated Oct. 13, 2009.
IRS Issues Guidance on 2009 Required Minimum Distribution Waiver:
WASHINGTON ― The Internal Revenue Service today provided guidance for retirement plan administrators, plan participants and retirees regarding recent legislation affecting required minimum distributions. The Worker, Retiree, and Employer Recovery Act of 2008 waives required minimum distributions for 2009 from certain retirement plans.
Generally, a required minimum distribution is the smallest annual amount that must be withdrawn from an IRA or an employer’s plan beginning with the year the account owner reaches age 70½. The 2008 law waives required minimum distributions for 2009 for IRSs and defined contribution plans (such as 401(k)s) and allows certain amounts distributed as 2009 required minimum distributions to be rolled over into an IRA or another retirement plan.
Notice 2009-82 provides relief for people who have already received a 2009 required minimum distribution this year. Individuals generally have until the later of Nov. 30, 2009, or 60 days after the date the distribution was received, to roll over the distribution.
The notice also provides guidance for retirement plan sponsors. It contains two sample plan amendments that plan sponsors may adopt or use to amend their plans to either stop or continue 2009 required minimum distributions. Both sample amendments provide that participants and beneficiaries can choose to receive or not to receive 2009 required minimum distributions. Also, both sample amendments allow the employer to offer direct rollover options of certain 2009 required minimum distributions.
Plan sponsors may need to tailor the sample amendment to their plan’s particular terms and administration procedures and must adopt the amendment no later than the last day of the first plan year beginning on or after Jan. 1, 2011 (Jan. 1, 2012 for governmental plans).
Stacie's Tax Stuff 