Posts Tagged ‘Solo’

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IRA Financial Group Adds Features to its Solo 401(k) Plan 5500-EZ Annual Tax Reporting & Consultation Service

Friday, August 8th, 2014


New York, NY (PRWEB) July 22, 2014

IRA Financial Group, the leading provider of self-directed solo 401(k) plans, announces the expansion of its annual tax and compliance service to include the completion of the annual IRS information form 5500-EZ. IRA Financial Groups solo 401(k), also known as an individual 401(k) plan or self-employed 401(k) plan was designed specifically for sole proprietors, small businesses with no full-time employee and independent contractors such as consultants. A Solo 401(k) Plan can be adopted by any business with no employees other than the owner(s) or a spouse. The business can be established as a sole proprietorship, LLC, corporation, or partnership. IRA Financial Group offers all its Solo 401(k) plan clients the opportunity to receive annual tax consulting and CPA services, which includes the preparation of the IRS Form 5500-EZ. We are committed to providing all of our thousands of solo 401(k) clients with the opportunity to have their IRS Form 5500-EZ completed by specialized CPAs, stated, Susan Glass, a retirement tax specialist with the IRA Financial Group. It was important that our solo 401(k) compliance fee to include to completion of the IRS Form 5500EZ, because we wanted our clients to be able to focus on their business why we focus on their solo 401(k) plan, stated Ms. Glass.

There is generally no annual filing requirement unless the solo 401(k) plan assets exceed $ 250,000 in assets. In such a case, the Solo 401(k) Plan participant will need to file a short information return with the IRS (Form 5500-EZ). The IRS Form 5500-EZ is due on July 31. Now, IRA Financial Group is offering all its Solo 401(k) Plan clients the service of completing the IRS Form 5500-EZ for no additional fee. We wanted to make sure our solo 401(k) Plan clients that are required to file an IRS Form 5500-EZ are getting the necessary support they need to make sure the form is completed properly, stated Ms. Glass.

The solo 401(k) Plan, offers one the ability to make annual contributions of up to $ 52,000 for 2014 ($ 57,500 for those over the age of 50), borrow up to $ 50,000, as well as use his or her retirement funds to make almost any type of investment, including real estate, on their own without tax without requiring the consent of any custodian or person and from the comfort of a local bank account. Our 5500-EZ recordkeeping service is projected to give our solo 401(k) plan clients the piece of mind to know their plan will be maintained in full IRS compliance without any additional fees stated Mr. Bergman, a tax partner with the IRA Financial Group.

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 provider of self-directed solo 401(k) plans. 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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Demand for Solo 401(k) Plan to Continue to Grow In Light of Annual Self-Directed IRA SEP Contribution Limitation Increase for 2014, According to IRA Financial Group

Wednesday, January 29th, 2014


New York, NY (PRWEB) January 14, 2014

Starting on January 1, 2014, the Internal Revenue Services (IRS) announced that the maximum one can contribute to a SEP IRA cannot exceed the lesser of: (1) 25% of compensation, or (2) $ 52,000 for 2014. Although the self-directed SEP IRA contribution limitation have increased by $ 1,000 to $ 52,000 for 2014, one is still able to reach the maximum contribution faster with a solo 401(k) Plan, stated Susan Glass, a tax professional with the IRA Financial Group.

Under the 2014 Solo 401(k) contribution rules, a plan participant under the age of 50 can make a maximum employee deferral contribution in the amount of $ 17,500 to an IRA Financial Group solo 401(k) Plan. That amount can be made in pre-tax or after-tax (Roth). On the profit sharing side, the business can make a 25% (20% in the case of a sole proprietorship or single member LLC) profit sharing contribution up to a combined maximum, including the employee deferral, of $ 52,000, an increase of $ 1,000 from 2013.

For plan participants over the age of 50, an individual can make a maximum employee deferral contribution in the amount of $ 23,000. That amount can be made in pre-tax or after-tax (Roth). On the profit sharing side, the business can make a 25% (20% in the case of a sole proprietorship or single member LLC) profit sharing contribution up to a combined maximum, including the employee deferral, of $ 57,500, an increase of $ 1,000 from 2013.

The annual Solo 401k contribution consists of 2 parts, an employee salary deferral contribution and an employer profit sharing contribution. The total allowable contribution limits are combined to get the maximum Solo 401K contribution limit.

According to Ms. Glass, Establishing a self-directed solo 401(k) Plan versus a self-directed SEP IRA provides many exciting advantages, including the ability to make employee deferrals in pre-tax or Roth of up to $ 17,500 or $ 23,000 if over the age of 50, borrow up to $ 50,000 tax-free and penalty-free, and the ability to buy real estate with a nonrecourse loan with any tax,

IRA Financial Groups solo 401K plan is unique and so popular because it is designed explicitly for small, owner only business. 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 $ 52,000 – 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 self-directed 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 a solo 401(k) 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.

The http://www.irafinancial Group [IRA Financial Group __title__ 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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IRS Announces Annual Solo 401(k) Plan Contribution Limitations to Increase by $1,000 to $52,000 & $57,500 respectively for 2014, According to IRA Financial Group

Tuesday, January 28th, 2014


New York, NY (PRWEB) January 13, 2014

Starting on January 1, 2014, the Internal Revenue Services (IRS) announced that self-employed individuals and small business owners that have adopted a solo 401K plan for the 2014 taxable year will be able to make tax-deferral employee and employer contributions of up to $ 52,000, which is an increase 2013. Self-employed individuals and small business owners, who are over the age of 50, will be able to make tax-deferral employee and employer contributions of up to $ 57,500, which is an increase of $ 1,000 from 2013. The high solo 401(k) Plan contribution limitations coupled with higher taxes will certainly make the Solo 401(k) Plan a more attractive retirement option for the self-employed in 2014, stated Adam Bergman, a partner with the IRA Financial Group. The IRS is trying to offer incentive to self-employed individuals and small business owners to save for their retirement by offering the increased tax deferrals for 2014, stated Mr. Bergman.

Under the 2014 Solo 401(k) contribution rules, a plan participant under the age of 50 can make a maximum employee deferral contribution in the amount of $ 17,500 to an IRA Financial Group solo 401(k) Plan. That amount can be made in pre-tax or after-tax (Roth). On the profit sharing side, the business can make a 25% (20% in the case of a sole proprietorship or single member LLC) profit sharing contribution up to a combined maximum, including the employee deferral, of $ 52,000, an increase of $ 1,000 from 2013.

For plan participants over the age of 50, an individual can make a maximum employee deferral contribution in the amount of $ 23,000. That amount can be made in pre-tax or after-tax (Roth). On the profit sharing side, the business can make a 25% (20% in the case of a sole proprietorship or single member LLC) profit sharing contribution up to a combined maximum, including the employee deferral, of $ 57,500, an increase of $ 1,000 from 2013.

The annual Solo 401k contribution consists of 2 parts, an employee salary deferral contribution and an employer profit sharing contribution. The total allowable contribution limits are combined to get the maximum 2014 Solo 401K contribution limit.

IRA Financial Groups solo 401K plan is unique and so popular because it is designed explicitly for small, owner only business. 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 $ 52,000 – 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 self-directed 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 a solo 401(k) 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.

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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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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