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…
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…
Have a slight problem with your self directed IRA? Self directed 401k? Think you can call the IRS and get a quick answer to your problem? Think again. Recently I read an article that was summarized a speech by Robert…
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…
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…
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…
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…
At a recent conference an IRS employee talked about what are some of the triggers for an audit of a form 5500. The various triggers were: 1. Line items that were left blank when they shouldn’t have been. 2. Items…
What do you think would be a major warning that something is too complex? How about if you told people how to do something, offered instructions and all sorts of advice, and yet 75% of the people accidentally messed things…
Was reading a case today where the Department of Labor was saying an individual violated his fiduciary responsibilities by amongst other things, loaning money to his employees. Appears the guy even went to jail for all the stuff he was…