John’s Blog — Tidbits on a Lot of Things

UBIT and UDFI and the Implications for Your IRA or 401(k)

UBIT — Unrelated Business Income Taxable UDFI — Unrelated Debt Financed Income Two acronyms for taxes that will probably never affect you, BUT this post is to address UBIT and UDFI and the implications for your IRA or 401(k) if you trigger these events.  Both are important for you to know…and, if applicable, discuss with your tax or legal professional before you…read more →

IRA LLCs and 401(k) Plans — Where to Hold Precious Metals?

Over the years, this has been a much-discussed and frequently debated topic for those individuals who wish to hold precious metals in their IRA LLC or 401(k) plan.  Must you only use a depository?  Can you use a bank?  Can I have them at my home? Historically, it depends on who you ask?  Here’s the typical lines: Coin Depository — You…read more →

IRS — Protecting and Validating Your Identifty

I know this is nothing related to self-directed IRA or self-administered 401(k) plans. These plans assist an investor in investing their retirement assets into assets permitted by IRS rules, but not offered by your typical brokerage firm. However, sometimes you come across nuggets of information that are useful and is valuable (hopefully) to “throw out” there. For those of us…read more →

IRA LLC vs. IRA Trust

A new concept is available to IRA account owners who are interested in self-directing their IRA accounts. Self-direction gives one the ability to invest into both traditional (e.g., mutual funds) and non-traditional (e.g., real estate) all from one account.  It is the IRA Trust. Is the IRA Trust substantially different that the IRA LLC to the consumer (you)?  Not really….read more →

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 →