IRA Administration
3 articles
What recordkeeping is required for IRA plans?
The IRS does not prescribe a specific format for IRA recordkeeping, but as the manager of a checkbook IRA, the responsibility for maintaining accurate plan records falls entirely on you. Why checkbook IRAs require more recordkeeping diligence In a ...
What is the annual valuation requirement (Form 5498)?
Every IRA must report its year-end value to the IRS annually. Your custodian handles the filing, but for a checkbook IRA, you are responsible for providing the numbers. How Form 5498 works Form 5498 is an informational return filed by your IRA ...
How do I maintain my LLC's good standing?
Every state requires LLCs registered in that state to meet ongoing compliance obligations. Keeping your IRA LLC in good standing is your responsibility as the manager, and lapses can have serious consequences for your plan. What good standing means ...