Depending on the level of imbalance it probably makes sense to make the adjustments now in both types of accounts. Remember, many advisers suggest making adjustments when the allocations have changed significantly, NOT by the calendar.
You'll need to recognize, up front, that you may be playing a game of "catch a falling knive."
In the taxable accounts you will probably have no tax consequences for rebalancing because you'll be moving money from fixed income to equities.
Scott
