We recently received the following news from the Massachusetts Society of Certified Public Accountants;
“The Society received word from some members whose clients have received notices from the IRS regarding income not properly reported. This income is linked to Roth IRA conversions from 2010. These notices were sent despite the fact that the income had been properly reported. Anyone with clients reporting a similar situation should resend Form 8606 for the year in question, stating that the income was reported correctly and in compliance with applicable rules. We will keep you updated on any further developments.”
As always, if you receive a tax notice from one of the governing authorities please forward it to our office so that we can assist you.