Articles
New Case Answers Important Questions About IRA/LLCs
Can my IRA own substantially all of the ownership of an LLC? Can my IRA/LLC pay a salary to me for serving as the manager of the IRA/LLC? Last week the U.S. Tax Court issued an opinion in the case of Ellis v. Commissioner, T.C. Memo 2013-245 and answered both of these...
SEC FINALLY RELEASES NEW CROWDFUNDING REGULATIONS
The SEC finally issued their proposed regulations for Crowdfunding last week in a 538 page proposed set of regulations. These regulations are open for comment for 90 days and will then go into effect in their present or modified form shortly thereafter....
IRA/LLCs ARE ALIVE & WELL, DON’T BELIEVE THE FALSE RUMORS OTHERWISE
I've recently received numerous e-mails from clients regarding an article written on Sovereignman.com. In the article the author states that the IRS is no longer issuing Tax IDs to IRA/LLCs. The article references word of mouth information from an attorney although...
ADVERTISING NOW ALLOWED IN RAISING CAPITAL
The SEC's final regulations implementing the JOBS Act and allowing advertising in the raising of capital went into effect last week on September 23, 2013. This is a significant change in the laws relating to the raising of capital and is one that has been discussed...
IRA’s & CREDITORS: WHAT EVERY SELF DIRECTED IRA OWNER SHOULD KNOW
Many self directed IRA investors misunderstand or are unaware of the protections afforded to their IRA (Roth or traditional) as it relates to creditors and judgments. This article seeks to address the key areas of the law that every self directed IRA investor should...
3 KEY CONTRACT TERMS BUSINESS OWNERS & INVESTORS TAKE FOR GRANTED
Many business owners and investors are entering into contracts for investments, equipment, services, and other business needs. Many of these contracts contain "boilerplate" clauses at the end of the contract that are often overlooked and are taken for granted. This...
INHERITING AN IRA: STRETCH OPTIONS AND SEE THROUGH TRUSTS
When an owner of a retirement account passes away, their retirement account is passed on to the heirs of that account as they are designated on the account owner’s beneficiary designation form. The taxation and distribution rules are different depending on whether the...
ROTH IRA DISTRIBUTIONS BEFORE AGE 59 ½
Every Roth IRA account owner knows that the main benefit of the Roth IRA is that there are no taxes due on Roth IRA withdrawals taken after the account owner is 59 ½. However, what taxes or penalties apply to distributions taken before the Roth IRA owner reaches 59 ½?...
IRA Owner Wins Appeal of Prohibited Transaction Ruling: What Can Self Directed IRA Investors Learn?
In Daley v. Mostoller, the U.S. Court of Appeals for the Sixth Circuit ruled that an IRA client account agreement which contains a “cross collateralization” or lien against the personal debts of the IRA owner does not constitute a prohibited transaction unless there...
Self-Directed IRA Prohibited Transaction Costs Taxpayers Over $250K
The latest IRA prohibited transaction case is called Peek & Fleck v. Commissioner, U.S. Tax Court 140 T.C. No. 12 (March 8, 2013) and concerns two tax payers who used self directed IRAs to establish and fund a newly formed corporation which corporation purchased a...
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