According to the Supreme Court, in a recent case involving the Bankruptcy Code’s exemption for retirement funds, a retirement account is not a retirement account if it is an inherited IRA and the owner is bankrupt.

Typically, when a person files for bankruptcy, funds they set aside for retirement can be exempt from the estate.

The IRS has adopted the Taxpayers Bill of Rights, a new list that will become a guidebook for taxpayers to help them understand what services and courtesies they are entitled to. A recent survey showed that most taxpayers didn’t even know they had specific rights before the IRS introduced the Taxpayer Bill of Rights.