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IRA Guide to IRS Compliance Issues

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eBook :epub
ISBN: 9781614388524
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ISBN: 9781614388524
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Based on government reports from the Treasury Inspector General for Tax Administration and the GAO , there is a significant amount of noncompliance from taxpayers who make excess contributions to IRA accounts, and from taxpayers who fail to receive timely required minimum distributions. The IRS is developing a long-term compliance initiative to reduce the growing noncompliance involving retirement accounts. This strategy will include the development of techniques to identify individuals who are not in compliance. It will include, according to a government report, education, outreach programs. and other guidance. This essential guide outlines many of the mistakes that are made by IRA account holders from an IRS compliance point of view, understanding that is quite easy for a taxpayer who has an IRA or inherits an IRA to fall into a tax trap and violate the IRA rules. The IRA Guide to IRS Compliance Issues will help you be aware of the potential IRA violations that may be triggered and how to be proactive and not reactive when it comes to IRA issues. Issues covered in the book include:

 •  IRA Trust Checklist with Practitioner Tort Trial and Insurance Practice Section
 •  Statute of Limitations Involving IRA Penalties
 •  IRS Levy on IRA to Satisfy Federal Tax Debts
 •  Early Distribution Penalty Violation
 •  Required Minimum Distribution Penalties
 •  Important IRA Distribution Tax Traps to Know About
 •  Excess Contributions
 •  Violations of the Rollover Rules Non-Spouse Beneficiaries
 •  Disclosure Issues and IRA Trusts
 •  Circular 230 Violations
 •  Loss of Creditor Rights Protection of Decedent's IRA in State Court
 •  Asset Protection for Inherited IRAs
 •  And much more

Discover the potential legal pitfalls that may befall your clients who may inadvertently have violated complex IRS IRA rules, and have the information you need to help you deal with your clients' fear of pending audit with this valuable addition to your resource material.