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The IRA Distribution Rules: IRS Compliance and Audit Issues

Author: Seymour Goldberg, CPA, MBA, JD
Publisher: AICPA
Availability: Online Access
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According to a recent report by the Treasury, the IRS plans to implement a service-wide strategy to address growing noncompliance involving IRA excess contributions and violations of the required minimum distribution rules.

The potential liability for taxpayers who violate the retirement account rules is significant. Clients and their heirs who are unaware of the rules and improperly handle IRA accounts can trigger IRS examinations and may incur significant tax and IRS penalties.

In this downloadable book you will learn about:

  • The IRA distribution rules 
  • 50% IRS penalty issues
  • 10% early distribution penalty issues
  • An important IRA distribution tax trap to know about
  • Roth IRA issues
  • Common errors in retirement distribution planning
  • How the spousal IRA rules work
  • Statute of limitation issues involving IRA penalties
  • Excess contribution issues
  • Improper rollover issues
  • IRS examinations
  • Recent developments
  • And much more

Includes Sample Client Letters
This book includes a series of sample letters covering various client IRA scenarios that you can use in your practice right away, including letters for

  • A traditional IRA, where the owner is survived by multiple nonspouse beneficiaries.
  • A Roth IRA, where the owner is survived by multiple nonspouse beneficiaries.
  • Considerations in titling of the IRA account after death.
  • A surviving spouse and spousal rollover issues.
  • An existing estate plan with non-probate assets, including IRAs.

About the Author:

Seymour Goldberg, CPA, MBA, JD, is a senior partner in the law firm of Goldberg & Goldberg, P.C. in Woodbury, New York. He is Professor Emeritus of Law and Taxation at Long Island University. He is the recipient of the American Jurisprudence Award in Federal Estate and Gift Taxation from St. John’s University School of Law and is a member of the Northeast Pension Liaison Group. He has written manuals on the retirement distribution rules for the American Bar Association, the AICPA and J. K. Lasser. Mr. Goldberg is a sought-after lecturer, and has lectured for the Association of the Bar of the City of New York, the education arm of the New York State Society of Certified Public Accountants, the Connecticut Society of Certified Public Accountants, banks and other professional organizations throughout the country. He has been interviewed on CNN, CNBC and WCBS, and has been quoted in the New York Times, Forbes, Fortune, Money Magazine, U.S. News & World Report, Business Week and the Wall Street Journal.

PDF 2012
Product# PTX1202D
Availability: Online Access
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