Starting in January, the rules governing IRA rollovers are going to become stricter, and small business owners need to be ready.

Going forward, people who own IRAs will be able to perform only one rollover per year on a tax-free basis. Own more than one IRA? You still get only one tax-free rollover. The Internal Revenue Service will look at all of a person’s accounts and “effectively (treat) them as if they were one IRA for purposes of applying the limit,” the agency said.

Previously, if someone had multiple IRAs, the IRS would allow them one tax-free rollover per IRA per year. That changed earlier this year, when the U.S. Tax Court issued a ruling with a stricter interpretation.

Why is this important for small business owners? Some have used their IRAs to help with short-term cash flow planning for their companies, said Gary Hawkins, a local CPA and the chairman of HSMC Orizon.

For example, if the business is going through a short-term cash crunch, the owner might clear out an IRA and use the proceeds to meet a cash need. The owner has 60 days to roll the old account’s exact balance into a new IRA without facing a financial penalty. That might be enough time to pay a bill and then receive payment on an outstanding receivable.

In past years, some business owners, Hawkins said, have maintained multiple IRAs to assist with cash flow. If they try to do that under the new rule, though, they could be subject to a 10 percent early withdrawal tax in addition to regular income taxes on the disallowed rollover amount.

There are some exceptions to the new rule. It doesn’t apply to conversions of traditional IRAs to Roth IRAs, for example.

Direct transfers of IRA assets from one trustee to another are also tax-free. In fact, the IRS encourages IRA trustees to offer this option to customers requesting a rollover.

If you’re considering a rollover strategy, consult your tax adviser beforehand.