SEC In Process of Investigating 457 and 403b Plans

Unlike a 401k plan such as a solo 401k plan for the self-employed with not full-time W-2 employees where the trustee is viewed as the shareholder, the SEC sees the 403b participant as the shareholder.  According to  a Wall Stree Journal article, the SEC agency is seeking details on how administrators—which often serve crucial roles in […]

The Once-Per-Year IRA Rollover Rule Quick Guide

Here is a quick guide to help you understand the new once-per-year rollover rule and how it affects your IRA rollover plans. Don’t process an IRA rollover IF: You already made one tax-free rollover from an IRA to another (or the same) IRA within the last 12 months. Key Items: The once-per year rule means […]

Process of Investing IRA Funds in a Franchise or Start-Up Business

This blog post discusses the two methods to invest IRA funds in a franchise or business start-up. Both methods fall within the the IRS guidelines; however, each method has a separate set of rules. Thus, it is important to fully understand and analyze both before investing IRA retirement funds in a franchise or business start-up. […]

Multiple Retirement Accounts Required Minimum Distribution (RMD) Rules

If you have multiple IRA accounts, you must compute the required minimum distribution (RMD) separately for each account, but the required amount can be withdrawn from any one or combination of your own IRA accounts. Withdrawing from a beneficiary IRA cannot satisfy the required distribution on your own IRA. The required distribution on the inherited […]

Hard-to-Value Assets in Self-Directed IRAs

Effective in 2015, it became mandatory that self-directed IRA custodians reveal to the government the types of hard-to-value assets held in self-directed IRAs. These types of assets include LLCs (commonly referred to as a single member IRA LLC) that are funded with self-directed IRA funds. This same rule also applies to distributions from self-directed IRAs. […]

Use a Roth IRA to Save for College Higher Education Expenses

While a 529 account is the primary tax-advantaged vehicle  to save for your kids education, it is not enough with the cost of college going up. A way to also help save for your child’s college education is to contribute to a Roth IRA especially with the cost of college now  $30,000‒$35,000 per student per year, according to College Board. ROTH […]

Primer on the One-Per-12-Month Rollover Rule

Famous Court Case As a result of the famous year 2014 United States Tax Court ruling in Bobrow v. Commissioner, the IRS changed one-per-12-month rule for rollovers between IRAs. the rollover rule is found in IRC Sec. 408(d)(3)(B) and prior to this famous court case most financial professionals interpreted the one rollover per 12 months to apply to each IRA not […]

2018 SEC Alert for Solo 401k and IRA Investors

The Securities and Exchange Commission’s (SEC) Office of Investor Education and Advocacy updated their investor alert for self-directed IRAs, which includes self-employed IRAs such as SEP  and SIMPLE IRAs, and fraud on August 8, 2018. While the alert does not specifically name another popular self-employed plan known as the self-directed 401k, it is safe to say that solo […]

Recent Court Case is Good Cause for a Quick Overview of the 60-Day Rollover Rules

A recent court case the Nancy Burack v. Commissioner; T.C. Memo. 2019-83; No. 11819-17; July 8, 2019 serves as a good reminder that the 60-day rollover rules can be complicated. Essentially, the IRS first ruled the IRA holder’s (Nancy Burack) IRA rollover amount of over $500,000 was subject to taxes because it was not deposited […]

GAO Make Recommendations for IRS and the Department of Labor (DOL) in Handling Prohibited Transactions

In June 2019 The U.S. Government Accountability Office (GAO) issued a report “Formalizing Labor’s and IRS’s Collaborative Efforts Could Strengthen Oversight of Prohibited Transactions,” where they gave recommendations for the DOL and the IRS to collaborate more closely when reviewing IRA prohibited transactions, and even though solo 401k plans were not specifically mentioned, it would […]

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