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Thought your self directed IRA was tax free? Think again. In some cases taxes could eat up to 60% of the value of your retirement plan.
For over 20 years I've been helping people with self directed IRAs and self directed 401ks. If you are looking for an attorney who understands self directed retirement plans, you've found him. I promise I won't talk down to you and offer free initial consultations.
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I've known Tim a number of years now and I never cease to be amazed by his knowledge about self directed retirement plans. Without a doubt he is the Best self directed IRA & 401k attorney.
Bryan Ellis, SDIradio.com
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You are absolutely the best! I won't forget when we go to Europe this Christmas and will definitely make every effort possible to bring home a GOOD, unbroken and full bottle of wine!!
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Hi Tim, Thanks so much for your help. You are amazing. It was a real roller coaster ride yesterday. . . . We are eternally grateful. . . . Thanks again. We don't want to go through that kind of stress again. You Rock!!!
When you owe the IRS money they can pretty much come after any asset that you own. That includes your retirement plan assets. As verification of that fact, the IRS issued a new memo for Revenue Officers (IRS collectors) reminding the collection agents of the IRS’s ability to take over your retirement plan. In the Read more about Can the IRS Levy (IRS talk for take away or garnish) your retirement plan?[…]
When you request a distribution from your qualified retirement plan such as a profit sharing plan or 401k, the tax code requires that your plan withhold 20% in taxes. This really messes things up if you planned on rolling over the money since now you have to come out of pocket for the withheld 20%. Read more about Witholding Taxes and rollovers from retirement plans[…]
Can your 401k be taken away if you file bankruptcy? As a general rule, 401ks are protected in bankruptcy. The bankruptcy code has 2 different key sections that will protect your 401k funds. The first section is 541 of the bankruptcy code. Under section 541, if there are restrictions on the ability of a beneficiary Read more about Are 401ks protected in bankruptcy?[…]
Want to get rich quick? I mean really, really rich. . . billions. All you need to do is turn in someone who is doing something to pay less taxes to the IRS. Think I’m being a bit over the top? Lets look at one whistleblower case filed by a former Vanguard attorney who is Read more about Could you owe taxes because you don’t charge enough? One Harvard professor seems to think so[…]
Did you know that if you mess up your IRA rollover the IRS has a process where you request a second chance? The great part is they typically grant the 2nd chance so long as you haven’t done anything wrong with the IRA. Which brings up an IRS ruling that just came out today about Read more about Does the IRS approve of Roth IRA LLCs?[…]
Was just reading an article about a speech Robert Choi, the director of the IRS’s tax exempt division gave to gave to a bunch of CPAs. During his speech, Choi said that it takes on average 3 hours for IRS personnel to review retirement plan documents to see if they are valid. However the average Read more about IRS wait times[…]
Today was a big day in the IRA world. First off the Department of Labor came out with their proposal for fiduciary standards. In theory the proposal is supposed to be finalized within 75 days but I’m sure the traditional investment community is going to shift their lobbying efforts in gear and wipe it out. The Read more about Prediction: IRS will launch a full scale audit attack on self directed IRAs[…]
One of the dirty little secrets about self directed IRAs is that most of their owners have made a mistake or two with the investments. The only real saving grace was that nobody (Ok, I mean the IRS) knows the IRA is a self directed IRA with some sort of strange investment, as the only Read more about Privacy of Self Directed IRA Investments is disappearing[…]
Tax Court released a new ruling saying the mere act of guaranteeing the assets of an IRA is a prohibited transaction. Nothing really new here but just confirms what a lot of people are trying to deny. Here’s an interesting twist though, the case was over the liability of the IRA owners for taxes generated Read more about Guarantees and prohibited transactions for IRAs[…]
Tax Notes Today is reporting that the director of tax issues for the GAO announced on C Span that the GAO has accepted a formal request to look at how effective the IRS is in enforcing the IRA rules. I think the GAO is going to be in for a big surprise. More than likely Read more about GAO to audit IRA Valuations[…]