Tag Archives: IRS

Lessons from McNulty Case (hint: precious metals within IRA-owned LLC = trouble!)

Recent News, Self Directed IRA, Tax,

Yesterday, the US Tax Court released their ruling in the case of McNulty vs. Commissioner of IRS (157 T.C. No. 10, November 18, 2021).  In short, it wasn’t pretty for a husband and wife who had two self-directed IRAs and IRA-owned LLCs and used those IRA/LLCs to hold precious metals (e.g., American Eagle coins) in a safe at … Continue reading Lessons from McNulty Case (hint: precious metals within IRA-owned LLC = trouble!)

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Is the IRS getting more liberal with 60-day rollover mistakes? [Tip: blame your spouse!]

Recent News, Tax, , ,

In a Private Letter Ruling (PLR) dated 3/5/18 (released by IRS 5/31/18; see full document here: PLR 201822033), the IRS waived the 60-day rollover requirement for the movement of retirement funds between a qualified employer retirement plan and an IRA (i.e., the individual involved took a distribution from her qualified plan but then mistakenly didn’t … Continue reading Is the IRS getting more liberal with 60-day rollover mistakes? [Tip: blame your spouse!]

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Common IRA K-1 mistakes. UBTI? Will the IRS notice?

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It’s that time of year again – TAX SEASON – which, without fail, leads to many “interesting” situations/challenges for clients and their advisors.  For me, because my legal practice involves clients with “non-traditional” assets within their retirement accounts (e.g., self-directed IRAs, Solo 401Ks), my perspective on this time of year is mostly based on issues … Continue reading Common IRA K-1 mistakes. UBTI? Will the IRS notice?

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Publication Notice: “The Care & Feeding of Large IRAs” (Trusts & Estates Magazine, Dec. 2016)

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I am thrilled to announce the publication of my collaboration article with Natalie Choate, Esq. (a prolific writer and presenter in the area of retirement benefits), entitled “The Care & Feeding of Large IRAs“.  This article was published in Trusts & Estates Magazine on December 1, 2016.  A virtual copy of the magazine can be found … Continue reading Publication Notice: “The Care & Feeding of Large IRAs” (Trusts & Estates Magazine, Dec. 2016)

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Pending GAO Report of Self-Directed IRAs

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As I referenced in my last post (related to my recent newsletter), I was recently interviewed by seven members of the U.S. Government Accountability Office (GAO) related to a new report they are putting together on “self-directed” retirement accounts (i.e., IRAs and 401(k) accounts that are invested into “nontraditional” assets; and also “ROBS” structures, which involve … Continue reading Pending GAO Report of Self-Directed IRAs

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Presentation: “Self-Directed IRAs: New Legal Developments” – By: Warren L. Baker

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If you haven’t caught one of my recent presentations on self-directed IRAs and related legal/tax developments, but you would like to, my recent presentation for Clear Law Institute (originally aired on August 5th) is available for streaming on-demand using this link: http://clearlawinstitute.com/shop/on-demand-webinars/self-directed-iras-new-legal-developments/ Overview of Presentation: The use of “self-directed IRAs” to invest in real estate, private equity, … Continue reading Presentation: “Self-Directed IRAs: New Legal Developments” – By: Warren L. Baker

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GAO’s “Multimillion Dollar IRA” Report Released

Recent News, Self Directed IRA, , ,

Today, the federal Government Accountability Office (GAO) released its report on “large balance IRAs”.  The full report is 99 pages long, but a summary can be found here.  For me personally, the report is important in multiple ways: I was interviewed by a GAO officer during their preparation for writing the report. Almost all of my … Continue reading GAO’s “Multimillion Dollar IRA” Report Released

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Boom! Boom! Boom! IRS fires three shots across the bow of self-directed IRA investors

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For those of you who are interested in self-directed IRA topics but who are not members of the Taxation Law section of the Washington State Bar Association (quite a few of you I’m sure!), I wanted to share with you my latest full length article. The article, entitled “Boom! Boom! Boom! IRS fires three shots … Continue reading Boom! Boom! Boom! IRS fires three shots across the bow of self-directed IRA investors

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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?

Self Directed IRA, Tax, , , , , ,

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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