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Alisa Morris
Director of Marketing
212-303-1880
amorris@rssmcpa.com

TAX HIGHLIGHTS – PENSION PROTECTION ACT OF 2006

NEW YORK, NY – August 2006 – Like most laws containing tax provisions, the title of the newly passed Pension Protection Act of 2006 only tells part of the story.  The legislation, which President Bush signed on August 17, 2006, contains numerous provisions involving pension plans, but it also includes changes in the tax rules for charitable contributions, college saving plans, and more.  Here are eight highlights from the massive piece of legislation spanning more than 900 pages.

1. Taxpayer-Friendly Retirement Plan Rules Are Now Permanent
2. Taxpayer-Friendly College Savings 529 Plan Rules Also Made Permanent
3. Beginning in 2007: More Beneficiaries Able to Roll Over Money from a Deceased Individual’s Retirement Plan
4. Direct Deposits of Tax Refunds into IRAs Allowed
5. In 2007:  Liberalized Rules for Rolling Over After-Tax Contributions
6. Inflation Adjustments to Phase-Out Ranges for Deductible Traditional IRA and Roth IRA Contributions
7. In 2008:  Direct Rollovers from Retirement Plans into Roth IRAs will be Allowed
8. Retroactive:  Favorable New Rules for Retirement Account Distributions Received by Military Reservists

To find out more about how the new Pension Protection Act may affect you or your audience our pension expert, Avery E. Neumark, CPA, JD and our tax expert, Alan M. Willinger, CPA, JD are available for interviews and commentaries.  Mr. Neumark can be reached at (212) 303-1806 or by e-mail at aneumark@rssmcpa.com and Mr. Willinger can be reached at (212) 303-1012 or by e-mail at awillinger@rssmcpa.com.

RSSM, a member of the SEC Practice Section of the AICPA, was founded in 1956 and has over 125 professionals, including 21 partners and 10 principals.  We are a full service firm offering consulting services, including estate planning, litigation support and forensic accounting, management information systems consulting, business valuations, employee benefits, executive compensation, executive search and retirement planning in addition to the traditional services of accounting, auditing and tax planning and preparation.  Recently RSSM has been ranked in Public Accounting Report and Bowman’s Accounting Report as one of the Top 100 Accounting and Consulting firms in the United States and in Crain’s New York Business as one of the Top 25 CPA firms in the New York City metro area.  We can also offer services on both a national and international level through our membership in Polaris International, a worldwide association of independent accounting firms.

For information contact:

Alisa Morris
Director of Marketing
(212) 303-1880
amorris@rssmcpa.com