Book on IRS Compliance Issues and IRA Trust Violations
Seymour Goldberg (CPA, MBA, JD) recently published a bookentitled, IRA Guide to IRS ComplianceIssues Including IRA Trust Violations, American Bar Association, (Apr. 2013). Provided below is a description of the bookfrom the ABA Store’s website:
Based on government reports from the TreasuryInspector General for Tax Administration and the GAO, there is a significantamount of noncompliance from taxpayers who make excess contributions to IRAaccounts, and from taxpayers who fail to receive timely required minimumdistributions.
The IRS is developing a long-term complianceinitiative to reduce the growing noncompliance involving retirement accounts.This strategy will include the development of techniques to identifyindividuals who are not in compliance. It will include, according to agovernment report, education, outreach programs. and other guidance.
This essential guide outlines many of themistakes that are made by IRA account holders from an IRS compliance point ofview, understanding that is quite easy for a taxpayer who has an IRA orinherits an IRA to fall into a tax trap and violate the IRA rules. The IRAGuide to IRS Compliance Issues will help you be aware of the potential IRAviolations that may be triggered and how to be proactive and not reactive whenit comes to IRA issues. Issues covered in the book include:
- IRA Trust Checklist with Practitioner Tips
- 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 KnowAbout
- Excess Contributions
- Violations of the Rollover Rules Non-SpouseBeneficiaries
- Disclosure Issues and IRA Trusts
- Circular 230 Violations
- Loss of Creditor Rights Protection of Decedent’sIRA in State Court
- Asset Protection for Inherited IRAs
- And much more
Discover the potential legal pitfalls that maybefall 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 ofpending audit with this valuable addition to your resource material.