John’s Blog — Tidbits on a Lot of Things

Self-Directed IRAs — Year End “Things to Do”

We all have busy schedules….especially going into the end of the year and holiday season.  In that “spirit”,I am certainly not going take up too much of your valuable time. But, as an IRA account owner who has a self-directed IRA or self-directed IRA LLC, there are some end of the year steps you may want (and need) to take….read more →

IRA Rollovers to a Solo-K

For anyone who established their Solo 401(k) plan in this current year and rolled over IRA funds into their individual 401(k) plan….this is for you. You established your self-administered, Solo 401(k) plan.  You may have set up your plan up in January or possibly setting it up at the end of the year.  You may have set up your plan…read more →

“Life Cycle” of a Solo 401(k) Plan

Similar to our lives, there is an actual life cycle of a Solo 401(k) plan as well.  And, that is how you want to think about your Solo-K plan.  If you do, it will certainly help cement in your mind how you are to operate your plan moving forward.  It is important that you fully understand this analogy to fully…read more →

IRS’ Dirty Dozen Tax Scams — “Phishing”

I would have probably done a blog on this topic anyways, but being a recent recipient of a “phishing” scheme, this topic now meant something more to me.  I have never been accused of being the sharpest tool in the shed, but I am also aware of some of these schemes and, even when I received the phishing call….I gotta…read more →

Your Solo-K Plan & Independent Contractors

I recently wrote blog series on independent contractors and how they are defined. More importantly, on how knowing the difference between an independent contractor and an employee can have a huge, potential impact on your business and your 401(k) plan. Attorney Chris Combs (Combs, Gottlieb & MacQueen, P.C.) recently  wrote a blog post on “Distinguishing a Contractor from an Employee”….read more →

IRS’ Dirty Dozen — Tax Preparer Fraud?

We all know that in today’s society, anything that you wouldn’t think should happen does happen. Let’s add one to the list of things that shouldn’t happen but, unfortunately does.  In fact, this concern is so frequent, the IRS has actually added it as part of their annual IRS Dirty Dozen list which warns taxpayers of the top tax scams for the…read more →

IRS, Taxes, Identity Theft and Solo 401(k) Plans

This IRS notice is specifically intended to assist tax payers with curbing as much as possible identity theft concerns.   The IRS has taken pro-active steps in working with State Departments of Revenue, tax software providers and tax preparers so these entities can greater assist tax payers with theft identity warning signs.  We all know that in the world of identity…read more →

Reporting an IRA Rollover to Your Solo 401(k)

A friendly reminder to those of you who executed a rollover from your IRA to your newly-established Solo-K plan (also marketed as a Solo 401(k), Self-Directed 401(k), Self-Administered 401(k), Uni-K, One-Participant 401(k)) during the past tax year (2015).  This reminder deals with reporting to the IRS the rollover of this IRA so that they know it is not a taxable…read more →

Missing W-2 or 1099-MISC?

Okay, this can be a misleading title for a blog for some…but bear with me.  If you are a self-employed individual established as an incorporated entity, your business in providing you payroll income and, as such, you would receive a W-2 on your year-end income for tax reporting.  As such, you would correctly conclude that you shouldn’t have a missing…read more →

Identity Theft — How the IRS is Trying to Help

Let’s face it, identity theft is not going away and it certainly has gotten worse.  There are many things that we can do to try to protect ourselves….and, the IRS and states know there is more they can do to try to protect citizens from tax-related identity theft issues. A large concern that we are all worried about…..fraudulent tax returns…read more →