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IRS attempting to better track disregarded entities (e.g., one member LLCs)?

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Below is a headline from today’s tax updates by Thompson Reuters “Checkpoint Newsstand” related to potential IRS changes to tax forms in order to better capture income that is being reported to “disregarded entities”.  Before reading the headline, I wanted to provide some background and share my personal experience in this area. Over the past … Continue reading IRS attempting to better track disregarded entities (e.g., one member LLCs)?

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Amended FORM 5498 reporting requirements for IRA custodians in 2014. Do changes signal more scrutiny on “nontraditional” investments within self-directed IRAs?

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The current draft instructions for the 2014 version of Form 5498 reflect a change in the way the IRS receives information from IRA custodians. Under current law, IRA custodians must report certain information about every IRA they hold – this is done using Form 5498. Whether IRA account holders realize it or not, the federal … Continue reading Amended FORM 5498 reporting requirements for IRA custodians in 2014. Do changes signal more scrutiny on “nontraditional” investments within self-directed IRAs?

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