On December 18, 2015, the Consolidated Appropriations Act of 2016 was signed into law by President Obama. This legislation contains multiple provisions that directly impact IRAs and qualified retirement plans. These key provisions include the extension of the ability to make tax free qualified charitable distributions (QCDs) from IRAs. This provision expired in December of 2014 and no extension for 2015 had previously been provided.
Additionally, the newly-enacted law now allows rollovers to be made from Traditional IRAs or qualified retirement plans to SIMPLE IRAs after an initial 2-year waiting period is satisfied, a transaction that was not recognized as valid until now. CSi is currently seeking additional IRS guidance on these matters and will provide more information once it is received.