Solo 401k

Proposed Budget Reconciliation Amendment- The Build Better Act: Impact on IRA vs Solo 401k

In recent weeks the House Ways and Means Committee approved funding provisions for the Build Back Better Act of 2021 and included provisions that would impact IRAs and qualified plans including solo 401k plans. While the bill has to be approved by both the House and the Senate before it can be sent to the […]

House Ways and Means Committee Propose Limits on IRA Private Investments Unclear if Solo 401k Plans Would be Impacted

Limit IRA Solo 401k Private Investmentss

High investment returns is a concern for some members of Congress, resulting in them proposing a bill that would limit IRAs from investing in investments such as private investments that have the potential to exponentially grow the retirement account holders IRA. According to an outline by the House Ways and Means Committee a proposed bill […]

Mega Backdoor Roth IRA & Solo 401k is under attack…Call your Senator & Representative!

While recent news reports of Peter Thiel’s $5 Billion Roth IRA may have sparked awe and envy among everyday investors (as well as maybe a call to your financial advisor), there has also been an outcry that this is another example of the ultra-rich abusing the system in that retirement accounts are not designed to serve as […]

Inherited Solo 401k Funds May Not be Protected in Bankruptcy

It may come down the Employee Retirement Income Security Act (ERISA) as to whether or not funds inherited from a solo 401k plan are protected from bankruptcy creditors. A recent court case Dockins, No. 20-10119 (Bankr. W.D.N.C. June 4, 20221) involving a Wells Fargo Bank company 401k plan for Kirk Morishita the  U.S. Bankruptcy Court […]

Does Form 5471 Apply to Solo 401k, Self-Directed IRA or IRA LLC?

Form 5471 Information Return of U.S. Persons With Respect to Certain Foreign Corporations is is used by certain U.S. persons who are officers, directors, or shareholders in certain foreign corporations. The form and schedules are used to satisfy the reporting requirements of sections 6038 and 6046, and the related regulations, as well as to report […]

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