Tax Preparation Alert

For perhaps the first time in tax preparation history, traditional and Roth individual retirement accounts (IRAs) must be screened for so-called wash sales thanks to Revenue Ruling 2008-5, Internal Revenue Bulletin 2008-3. The ruling has no effective date. Practitioners can accomplish this screening by including a question on a tax organizer to be completed by the taxpayer, or by way of income tax

Michael J. Jones | Mar 01, 2008

For perhaps the first time in tax preparation history, traditional and Roth individual retirement accounts (IRAs) must be screened for so-called “wash sales” — thanks to Revenue Ruling 2008-5, Internal Revenue Bulletin 2008-3. The ruling has no effective date.

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