Learn about the importance of keeping your Self-Directed IRA in IRS compliance and how we help you do that.
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About IRA Financial:

IRA Financial was founded by Adam Bergman, a former tax and ERISA attorney who worked at some of the largest law firms. During his years of practice, he noticed that many of his clients were not even aware that they can use an IRA or 401(k) plan to make alternative asset investments, such as real estate. He created IRA Financial to help educate retirement account holders about the benefits of self-directed retirement plan solutions.

IRA Financial is a retirement account facilitator, document filing, and do-it yourself document service, not a law firm. IRA Financial Group does not provide legal services. No attorney-client relationship exists between Client and IRA Financial, its management, salespersons or IRA Financial’s in-house legal counsel. IRA Financial Group provides IRA retirement facilitation service and CANNOT provide Client with legal, investment, or financial advice. Prior to making any investment decisions, please consult with the appropriate legal, tax, and investment professionals for advice.

IRA Financial is not engaged in rendering legal, accounting or other professional services. If legal advice or other professional assistance is required, the services of a competent professional person should be sought. (From a Declaration of Principles jointly adopted by a Committee of the American Bar Association & a Committee of Publishers and Associations.). The scope of Professional Services does not include the costs of any custodian related services.

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Self-directed IRAs offer investors greater control over their retirement accounts by allowing them to invest in a wide range of alternative assets, such as real estate, precious metals, and private equity. However, with this increased flexibility comes added complexity and responsibility. In order to keep your self-directed IRA in compliance with IRS rules, it is important to understand the regulations governing these accounts and to follow them diligently.

One of the key rules governing self-directed IRAs is the prohibition on self-dealing. This means that you cannot use your IRA funds to make a personal loan to yourself or a family member, buy a property that you or a family member will use personally, or make any other transaction that directly benefits you or a disqualified person. Violating this rule can result in severe penalties, including the disqualification of your IRA and the imposition of taxes and penalties on the assets involved.

Another important rule to be aware of is the requirement to accurately report the assets and transactions in your self-directed IRA to the IRS. This includes accurately valuing the assets held in the account, filing the appropriate tax forms, and reporting any income or gains generated by the account. Failure to do so can result in additional taxes, penalties, and even criminal charges.

In order to stay in compliance with IRS rules, it is essential to keep detailed and accurate records of all transactions related to your self-directed IRA. This includes keeping copies of all investment documents, correspondence with custodians or trustees, and financial statements. It is also wise to work with a qualified accountant or tax advisor who is knowledgeable about self-directed IRAs and can help you navigate the complex tax rules that apply to these accounts.

Additionally, it is important to stay informed about any changes to IRS regulations that may affect self-directed IRAs. The IRS periodically issues guidance and updates to the rules governing retirement accounts, and it is crucial to stay up to date on these changes in order to ensure that your IRA remains in compliance.

By following these guidelines and staying informed about IRS regulations, you can help ensure that your self-directed IRA remains in compliance and continues to provide you with the flexibility and control you desire over your retirement savings. Remember, the penalties for non-compliance can be severe, so it is important to take the necessary steps to protect your IRA and your financial future.