Forewarned is Forearmed

Given that the tax penalty for messing up a required IRA distribution is 50% of the distribution, a small, innocent mistake may cost your clients big dollars, this report from Forbes is worth noting.

“After years of haphazard enforcement, the Internal Revenue Service is starting to systematically search out violations of the convoluted rules governing individual retirement accounts.” Full story at http://www.forbes.com/forbes/2010/0927/investing-withdrawal-penalty-irs-new-threat-to-ira.html?boxes=Homepagetoprated.

And my thanks to Accountants World for alerting me to this story.

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