The IRS approach to self-directed IRAs The IRS has been auditing self-directed IRAs, including Self-Directed Gold IRAs, and this will undoubtedly continue. These audits can result in significant tax adjustments and penalties. Yes, the Internal Revenue Service can audit your Self-Directed Gold IRA and, yes, you need the best auditing protection for your self-directed IRA. So are IRAs audited? That's right, they can do it. And when it comes to retirement accounts, it's important to do what works best for you while choosing a provider that offers the best auditing protection in the industry.
Don't you believe us? Ask Investopedia. With regard to self-directed IRAs, the IRS doesn't provide much auditing data, since it doesn't disclose the number of Form 5498 returns audited. The Government Accountability Office recently released a report on IRAs and the need to further educate the IRS about the plans and investments made. That number of audits of IRA plans was discovered in millions of periodic audits that were conducted during that time period.
They are especially interested in IRAs that invest in real estate or through trusts or through “Checkbook LLC”. According to the Government Accountability Office, the IRS could “provide better guidance on IRA audits and how to comply with the rules so that account owners don't default.” Contact IRA Financial at 1-800-472-0646 or complete the form to learn more about opening a self-managed retirement account. Sign up to stay up to date on everything related to self-directed retirement and how your investments are affected by current events and changes in the law. Large financial institutions that manage retirement accounts often limit investment opportunities to stocks, bonds, and mutual funds.
A self-directed IRA is a retirement account that allows you to invest in traditional and alternative investments.
