The Internal Revenue Service has released a new revenue ruling that offers simplified safe harbor due diligence procedures that a retirement plan administrator can use in order to be deemed to have reasonably concluded that an amount was a valid rollover contribution for an individual retirement account.
The revenue ruling includes two hypothetical examples of how plan administrators can arrive at such conclusions.
Revenue Ruling 2014-9 will appear in Internal Revenue Bulletin 2014-17, dated April 21, 2014.