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According to a recent report by the Treasury, the IRS is to address growing noncompliance involving IRA excess contributions and violations of the required minimum distribution rules.
The potential liability for taxpayers who violate the retirement account rules is significant. Clients and their heirs who are unaware of the rules and improperly handle IRA accounts can trigger IRS examinations and may incur significant tax and IRS penalties.
In this book you will learn about IRA distribution rules and recent developments, as well as:
50% IRS penalty issues
10% early distribution penalty issues
An important IRA distribution tax trap
Roth IRA issues
Common errors in retirement distribution planning
How the spousal IRA rules work
Statute of limitation issues involving IRA penalties
Excess contribution issues
Improper rollover issues
Circular 230 issues
And much more
This book includes a series of sample letters covering various client IRA scenarios that you can use in your practice right away, including letters for:
A traditional IRA, where the owner is survived by multiple nonspouse beneficiaries.
A Roth IRA, where the owner is survived by multiple nonspouse beneficiaries.
Considerations in titling of the IRA account after death.
A surviving spouse and spousal rollover issues.
An existing estate plan with non-probate assets, including IRAs.
Free Special Report!
Download a free copy of Non-Compliant IRA Trusts and Circular 230 Issues.
Many individuals have accumulated a considerable amount of wealth in their individual retirement accounts (IRAs). These retirement accounts may represent the major portion of a taxpayer’s wealth and must be considered in developing an estate plan for the client. Learn about this and more in the free download!
Seymour Goldberg, CPA, MBA, JD, is a senior partner in the law firm of Goldberg & Goldberg, P.C. in Woodbury, New York. He is Professor Emeritus of Law and Taxation at Long Island University. Mr. Goldberg is the recipient of the American Jurisprudence Award in Federal Estate and Gift Taxation from St. John’s University School of Law and is a member of the Northeast Pension Liaison Group. He has written extensively on IRAs, and is a sought-after lecturer, who has lectured for the American Institute of Certified Public Accountants, the New York State Society of Certified Public Accountants, the New York State Bar Association, banks and other professional organizations throughout the country. He has been interviewed on CNN, CNBC, WCBS, and has been quoted in the New York Times, Forbes, Fortune, Money Magazine, U.S. News & World Report, Business Week and the Wall Street Journal. Mr. Goldberg submitted an Amicus Curiae (“friend of the Court”) brief in the Supreme Court case Clark v. Rameker, a significant case that addresses how inherited IRAs are viewed and treated under the bankruptcy code.