IRA guide to IRS compliance issues

About this book

"Many taxpayers have accumulated substantial amounts of assets in retirement plans and IRA accounts. Based on government reports from the Treasury Department Inspector General for Tax Administration and the Government Accounting Office, there is a significant amount of noncompliance involving IRA accounts. The noncompliance comes primarily from taxpayers who make excess contributions to IRA accounts and from taxpayers who fail to receive timely required minimum distributions. The IRA Guide to IRS Compliance Issues emphasizes many of the mistakes made by IRA account holders from an IRS compliance point of view. It presents key scenarios that the practitioner might face while working through his or her clients' possible IRS audit challenges, poses questions derived from these challenges, and provides tips on how to avoid potentially devastating IRS penalties that may come as the result of an audit. This book also covers many IRS technical violations of the IRA rules, including the Statute of Limitations involving IRA penalties and the Personal Liability of the Fiduciary for Debts to the United States Government. Of additional value are several sections involving IRA trust violations as well as a 70 point IRA trust checklist that practitioners should be aware of in order to avoid potential malpractice headaches and ethics issues. The IRA trust checklist contains many practitioner tips and a number of drafting suggestions that practitioners should possibly consider in drafting an IRA trust agreement"--Jacket.