IRA Financial’s Adam Bergman Esq. discusses recent legislation that calls for more money going to the IRS, and the hiring of thousands of new IRS agents that could lead to more audits across the board.
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About IRA Financial:

IRA Financial Group 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 Group 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 Group, its management, salespersons or IFG’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.

IFG 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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As more and more individuals choose to invest in cryptocurrencies, the IRS has taken notice and is implementing new rules to ensure compliance with tax laws. One such development is the introduction of AdBits, a new form of self-directed Individual retirement account (IRA) audit risk.

AdBits are a type of cryptocurrency that is specifically designed for use in self-directed IRAs. These digital assets have unique attributes that make them ideal for retirement account investing, such as being easily transferable and having the potential for significant returns. However, with these advantages come increased audit risks.

The IRS has recently started to scrutinize self-directed IRAs that hold AdBits, as they are seen as a potential area for tax fraud. The agency is concerned that individuals may be using these virtual currencies to hide income or assets from taxation.

One of the main audit risks associated with AdBits is the lack of clear guidelines on how to properly report and track these digital assets. Unlike traditional assets like stocks or bonds, cryptocurrencies can be difficult to trace and value accurately. This can lead to errors in reporting income or deductions, which can trigger an audit from the IRS.

Another audit risk is the potential for non-compliance with IRA rules and regulations. Self-directed IRAs have strict guidelines on what types of investments are allowed, and holding AdBits may run afoul of these rules. If the IRS determines that an IRA holder has violated these regulations, they could face penalties and potentially lose the tax benefits of their retirement account.

In order to mitigate the audit risks associated with AdBits, individuals should ensure that they are accurately reporting all transactions involving these digital assets. This includes keeping detailed records of purchases, sales, and transfers of AdBits, as well as any income or capital gains generated from these investments.

Additionally, individuals should work with a qualified tax professional who is familiar with the complexities of cryptocurrency taxation. By seeking professional guidance, IRA holders can ensure that they are in compliance with tax laws and avoid the risk of an audit.

Overall, AdBits present a new and exciting opportunity for individuals looking to diversify their retirement portfolios with cryptocurrencies. However, it is crucial to be aware of the audit risks associated with these digital assets and take proactive steps to mitigate them. By staying informed and working with tax professionals, IRA holders can navigate the complexities of AdBits investing and ensure compliance with IRS regulations.