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IRA Financial Group Clients Using Self-Directed IRA and Solo 401(k) Plans to Purchase Detroit and Puerto Rico Debt, According to an IRA Financial Group Monthly Report

Tuesday, October 1st, 2013


Miami, FL (PRWEB) September 24, 2013

IRA Financial Group, the leading provider of checkbook control self-directed IRA and Solo 401(k) Plans announces the finding of its monthly report which found that an increasing number of retirement investors were looking to purchase distressed municipal debt, such as Detroit and Puerto Rico debt using their self directed IRA LLC or Solo 401(k) Plan accounts. We have seen a surge in interest from retirement account investors looking to use a tax-deferred self-directed IRA or Solo 401(k) Plan account to buy Detroit and Puerto Rico bonds at depressed prices, Stated Adam Bergman, a tax attorney with the IRA Financial Group. Detroit’s bonds have become a very hot topic with self-directed retirement investors since the Motor City filed for the largest municipal bankruptcy two weeks ago, stated Mr. Bergman.

According to Mr. Bergman, many retirement investors who have some experience investing in troubled or bankrupt companies think these bonds will turn out to be lucrative in the long run.

The problem is there aren’t that many available. Typically when a taxpayer purchases a municipal bond, such as Detroit, one of the advantages is that the interest generated by the bond is exempt from tax, which is quite attractive to high net worth individuals. Such a tax exemption is typically not very attractive to tax-exempt investors, such as a pension plan or IRA since they are already exempt from tax. Interestingly, retirement investors have shown strong interest in purchasing tax-exempt municipal debt, such as Detroit, Puerto Rico, and Illinois even without the added tax benefit, stated Mr. Bergman.

The primary advantage of using a Self Directed IRA LLC and Solo 401(k) Plan to make investments is that all income and gains associated with the IRA investment grow tax-deferred.

Using IRA Financial Groups self directed IRA LLC with checkbook control solution to make investments offers a number of very interesting investment opportunities, including the ability to diversify ones retirement portfolio with real estate, precious metals, and other alternative investment options. With IRA Financial Groups self directed IRA LLC solution or Solo 401(k) Plan, traditional IRA or Roth IRA funds can be used to make non-traditional investments, such as real estate to better diversify themselves from a falling stock market.

The IRA Financial Group was founded by a group of top law firm tax and ERISA lawyers who have worked at some of the largest law firms in the United States, such as White & Case LLP, Dewey & LeBoeuf LLP, and Thelen LLP.







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New Trend of Americans Wishing to Hold Foreign Assets Without IRS Reporting Turning to Solo 401(k) Plan & Self-Directed IRA, According to IRA Financial Group Attorney

Saturday, August 24th, 2013


Miami, FL (PRWEB) August 16, 2013

IRA Financial Group, the leading provider of self-directed IRA and Solo 401(k) Plans, has seen a surge an interest for the self-directed IRA and Solo 401(k) product as a vehicle to hold assets outside of the United States without triggering any U.S. reporting requirements. The main trigger for cutting ties with U.S., several lawyers say, is the Foreign Account Tax Compliance Act, or Fatca, which requires foreign institutions to disclose the overseas assets of U.S. green-card holders and citizens to the U.S. government. The main objective of Fatca is to identify people who may be evading taxes through offshore investment vehicles.

U.S. citizens, U.S. individual residents, and a very limited number of nonresident individuals who own certain foreign financial accounts or other offshore assets must report those assets using IRS Form 8938. In general, taxpayers with a total value of specified foreign financial assets below a certain threshold do not have to file Form 8938. If the total value is at or below $ 50,000 at the end of the tax year, there is no reporting requirement for the year, unless the total value was more than $ 75,000 at any time during the tax year. It is important to remember that the new Form 8938 filing requirement does not replace or otherwise affect a taxpayers obligation to file Form TD F 90-22.1 (Report of Foreign Bank and Financial Accounts), stated Adam Bergman, an in-house tax attorney with the IRA Financial Group. According to Mr. Bergman, individuals must file each form for which they meet the relevant reporting threshold.

According to Mr. Bergman, when using retirement funds to make foreign investments, either via a self-directed IRA or a qualified retirement plan, such as a Solo 401(k) Plan, the IRS under the FBAR rules and IRS Form 8938 exempt retirement accounts from such filings. As a result of the very stringent foreign bank account filing requirements, there has strong interest in U.S. persons wishing to hold assets outside the U.S.

IRA Financial Groups Self-Directed IRA and Solo 401(k) Plan are perfect vehicles for U.S. retirement investors looking to self-direct their retirement funds and make traditional as well as non-traditional investments tax-free. We have seen an surge in demand from clients looking to hold assets outside the U.S. and not be bogged down with very complex filing requirements, stated Mr. Bergman.

The IRA Financial Group was founded by a group of top law firm tax and ERISA lawyers who have worked at some of the largest law firms in the United States, such as White & Case LLP, Dewey & LeBoeuf LLP, and Thelen LLP.

IRA Financial Group is the market’s leading checkbook control Self Directed IRA & Solo 401(k) Plan Facilitator. IRA Financial Group has helped thousands of clients take back control over their retirement funds while gaining the ability to invest in almost any type of investment, including real estate without custodian consent.

To learn more about the IRA Financial Group please visit our website at http://www.irafinancialgroup.com or call 800-472-0646.







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Self-Employed Individuals Failing to Take Advantage of Solo 401(k) Plan Tax Credit, According to IRA Financial Group Tax Attorney

Tuesday, March 12th, 2013


Miami, FL (PRWEB) March 06, 2013

IRA Financial Group, the leading provider of Solo 401(k) Plans has seen an increasing number of self-employed individuals and small business owners using the retirement savings credit as an incentive to establish a solo 401K Plan in 2013. Under the retirement savings contribution credit, retirement plan participants (including self-employed individuals) who make contributions to their plan may qualify for the retirement savings contribution credit. The maximum contribution eligible for the credit is $ 2,000. To take the credit, the individual must use IRS Form 8880, Credit for Qualified Retirement Savings Contributions. Under the retirement savings contributions credit, an individual may be able to take a tax credit of up to $ 1,000 ($ 2,000 if filing jointly) for making eligible contributions to a Solo 401(k) Plan, stated Adam Bergman, a tax attorney with the IRA Financial Group.

To be eligible for the Credit for Qualified Retirement Savings Contributions

The individual claiming the credit must be: (i) age 18 or older; (ii) not a full-time student;, (iii) not claimed as a dependent on another persons return; and (iv) with an adjusted gross income not more than: $ 57,500 if your filing status is married filing jointly (for 2012; $ 59,000 for 2013), $ 43,125 if your filing status is head of household (for 2012; $ 44,250 for 2013), or $ 28,750 if your filing status is single, married filing separately, or qualifying widow(er) (for 2012; $ 29,500 for 2013).

The amount of the credit one can get is based on the contributions made to the solo 401(k) plan and the individuals credit rate. The credit rate can be as low as 10% or as high as 50%, stated Adam Bergman, a tax attorney with the IRA Financial Group. The Qualified Retirement Savings Contributions credit is applicable to contributions made to the Solo 401(k) Plan and does not include rollover contributions, stated Mr. Bergman.

The following example illustrates how the Qualified Retirement Savings Contributions credit works. Tom is self-employed and has a small consulting business. Tom is married and earned $ 30,000 in 2012. Toms wife is unemployed in 2012 and did not have any earnings. Tom contributed $ 1,000 to his Solo 401(k) Plan in 2012. After deducting his Solo 401(k) Plan contribution, the adjusted gross income shown on his joint return would be $ 29,000. Tom would be able to claim a 50% credit, $ 500, for his $ 1,000 Solo 401(k) Plan contribution. Many eligible self-employed individuals who qualify for the credit aren’t benefiting because they are not aware of the available credit, stated Mr. Bergman.

IRA Financial Groups self-employed 401(k) Plan was designed to offer investors a diverse and wide array of investment opportunities for their retirement funds. Clients can purchase stocks, mutual funds, precious metals, real estate, and much more. In addition, the Solo 401K Plan account can be opened at any local bank and financial institution, including Fidelity, Scottrade, TD Ameitrade and more . In addition, IRA Financial Groups Solo 401(k) Plan will allow a self-employed individual or small business owner the ability to defer up to $ 51,000 ($ 56,500 for someone over the age of 50), as well as gain the ability to borrow up to $ 50,000 tax and penalty free and use the loan proceeds for any purpose.

The IRA Financial Group was founded by a group of top law firm tax and ERISA lawyers who have worked at some of the largest law firms in the United States, such as White & Case LLP, Dewey & LeBoeuf LLP, and Thelen LLP.

IRA Financial Group is the market’s leading checkbook control Individual 401(k) Plan Facilitator. IRA Financial Group has helped thousands of clients take back control over their retirement funds while gaining the ability to invest in almost any type of investment, including real estate without custodian consent.

To learn more about the IRA Financial Group please visit our website at http://www.irafinancialgroup.com or call 800-472-0646.







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IRA Financial Group Report Shows How an Individual 401(k) Plan Can Cut a Small Business Owner’s Tax Bill by up to $15,000 Annually

Friday, October 19th, 2012


Miami, FL (PRWEB) October 17, 2012

IRA Financial Group, the leading provider of self-directed individual 401(k) Plans, announces the results of an internal report that suggests that self-employed individuals and small business owners can reduce their tax bill for the 2012 taxable year of up to $ 15,000 by maximizing contributions to a solo 401K plan also known as an individual 401K Plan. The individual 401(k) plan will allow a small business owner to reduce his or her tax liability by as much of $ 15,000, significantly larger than any other retirement plan, stated Maria Ritsi, a paralegal with the IRA Financial Group. The individual 401(k) Plan can be used as a retirement vehicle as well as an investment vehicle, allowing a retirement holder to buy real estate and much tax-free, stated Ms. Ritsi.

In 2002, the Economic Growth and Tax Reconciliation Act granted the solo 401(k) equal benefits to a traditional 401(k), greatly popularizing the plan. The flexible retirement plan quickly gained widespread praise and recognition– mainly for its substantially higher contribution limits, which include employee deferral contributions as well as profit sharing contributions. For 2012, the maximum 401(k) plan contribution is $ 50,000 for individuals under 50 years old and $ 55,000 for those over 50 years old. Whereas, most corporate 401(k) qualified retirement plans only allow their plan participants, including executives, to make employee deferral contributions which is limited to just $ 17,000 for those employees under the age of 50 and $ 22,500 for those over 50 years old. The solo 401(k) plan also allows self-employed individuals, such as realtors to make non-traditional investments with their solo 401(k0 funds, including real estate. Whereas, the majority of the large corporation 401(k) plan only allow for traditional types of investments, such as mutual funds. The high contribution limitations couples with the investment opportunities provide self-employed real estate professionals with a far more attractive retirement option than most corporative executives, stated Mr. Bergman.

IRA Financial Groups solo 401K plan is unique and so popular for real estate professionals because it is designed explicitly for self-employed professionals. With IRA Financial Groups solo 401K plan, self-employed individuals or small business owners with no employees can benefit by making high annual contributions up to $ 50,000 – with an additional $ 5,500 catch-up contribution for those over age 50, make traditional as well as non-traditional investments, such as real estate, as well as borrow up to $ 50,000 or 50% of their account value tax-free and penalty free. IRA Financial Groups solo 401(k) plan is a trustee directed plan meaning the trustee and not the custodian is in charge of making investment decisions on behalf of the plan. With an individual 401K plan, in most cases the trustee will be the plan participant providing the plan participant with greater control and investment authority over his or her retirement funds. In addition, with IRA Financial Groups solo 401K Plan, the plan account can be opened at any local bank, including Chase, Wells Fargo, and even Fidelity.

IRA Financial Groups solo 401K plan is easy to operate. There is generally no annual filing requirement unless the fair market value of the assets in the solo 401K Plan exceed $ 250,000, in which case a short information return will be required to be filed with the IRS (Form 5500-EZ).

The IRA Financial Group was founded by a group of top law firm tax and ERISA lawyers who have worked at some of the largest law firms in the United States, such as White & Case LLP and Dewey & LeBoeuf LLP.

IRA Financial Group is the markets leading Checkbook Control Self Directed IRA and Solo 401k Plan Facilitator. We have helped thousands of clients take back control over their retirement funds while gaining the ability to invest in almost any type of investment, including real estate tax-free and without custodian consent!

To learn more about the IRA Financial Group please visit our website at http://www.irafinancialgroup.com or call 800-472-0646.







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