Regulations

Can I do a Mega Backdoor Roth Solo 401k for 2021 in 2022?

Question: I was very busy at the end of last year and didn’t set up a Solo 401k by 12/31/2021.  Can I still set up a Solo 401k plan in 2022 and make Mega Backdoor Roth contributions?  Please note that I own my own business with no employees.  I operate my business as a single-member […]

Yes! Mega Backdoor Roth Solo 401k and Roth IRA 2021/2022 Lives!

Biden announced on December 16, 2021 that Senate will take up Build Back Better in 2022, resulting in the mega backdoor (both the conversion of voluntary after-tax 401k funds including solo 401k to the Roth IRA or the Roth solo 401k as well as the conversion of non-deductible IRA funds to the Roth IRA) not […]

Checkbook Control IRA LLC Recent U. S Tax Court Case – McNulty v. Commissioner, 157 T.C. No. 10 (Nov. 18, 2021)

Filed November 18, 2021 (ANDREW MCNULTY AND DONNA MCNULTY, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent), a taxpayer’s self-directed IRA was deemed as involved in a taxable distribution because the tax payer (McNulty) stored at her home the American Eagle gold coins purchased through her IRA owned LLC ( IRA LLC, also known as a […]

The Securities and Exchange Commission (SEC) Reports Enforcement Results for 2021 and Cryptocurrency and SPACs Among the Named Actions

On November 18, 2021 the The Securities and Exchange Commission (SEC) announced a large increase in enforcement actions compared to 2020. Cryptocurrency and SPAC were seen as emerging threats. For instance, the Commission notes that it charged a company for operating an unregistered online digital asset exchange, charged a crypto lending platform and top executives […]

Who is Required to Take Required Minimum Distributions (RMD) from their Solo 401k Plan in 2021?

The requirement to make Required Minimum Distributions from your solo 401k is back for 2021. The Coronavirus Aid, Relief, and Economic Security (CARES) Act allowed plan sponsors to suspend required minimum distributions payable in 2020. There is no similar relief for 2021. Required minimum distributions for 2021 must be paid no later than December 31, […]

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