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Category Archives: Tax Education

Congress acts to provide relief to victims of Hurricanes Harvey, Irma and Maria

Much like the Katrina Emergency Tax Relief Act of 2005 and relief for victims of Hurricane Matthew last year, Congress, the Internal Revenue Service (IRS) and other entities are providing relief to victims of recent disasters. Congress recently passed the Disaster Tax Relief and Airport and Airway Extension Act of 2017, or H.R. 3823, with […]

A Primer on Unrelated Income: UBTI and UDFI

Retirement accounts like Self-Directed IRAs are attractive investment vehicles largely due to their tax-advantaged status. But if you hold a limited liability company (LLC), limited partnership (LP) or certain real estate-related assets, among others, your investment could generate unrelated business taxable income (UBTI) and/or unrelated debt-financed income (UDFI). In this introduction to unrelated income, we […]

What If I Contributed More to My IRA Than Is Allowed?

If you’ve contributed more to an IRA than is allowed by IRS rules, then you’ve made what’s called an excess contribution. As a result, you may be subject to additional taxes and penalties. However, you may have time to correct the excess contribution. And depending on how and when the correction is made, certain taxes […]

5 Questions to Ask During Investment Research

It’s very important to perform the necessary research on any investment to evaluate its legality and the potential for gain/loss. We commonly refer to such research as “due diligence.” Because account holders choose to have more control and responsibility in self-directed retirement accounts, due diligence is key to ensuring you won’t run into major issues […]

2016 Contribution Deadline Fast Approaching

With Tax Day falling on April 18 this year, you have three extra calendar days to file your federal income taxes. This also means the 2016 contribution deadline is extended to April 18, 2017. Why April 18? April 15 falls on a weekend this year, and Washington, D.C. will celebrate a federal holiday, Emancipation Day, […]