The "Fake IRS" Approved IRA Investments

 Fraudulent “IRA Approved” Sales Pitch
“This investment has been approved for your IRA. You can use your IRA for this investment by filling out the forms in the attached information package, and our agent will take care of the rest. This has been reviewed by the government (or IRS).
This investment is so safe you can use it for your IRA. Only certain investments are approved for IRAs.”

The IRS ONLY issues letters to IRA sponsors, trustees, or custodians  to certify they are complying with requirements concerning investor rights, account administration, and standards for documents that allow deductible contributions.
The IRS does not:
„ review or approve investments.
„ endorse any investments.
„ advise people on how to invest their IRAs.

 North American Securities Administrators Association recommends:"
„ Exercise extra caution during the tax season when it comes to making IRA investments.
„ Avoid any investment touted as “IRA Approved” or otherwise endorsed by the IRS.
„ Don’t buy an investment on the basis of a television “infomercial” or radio advertisement.
„ Beware of promises of no-risk, sky-high returns on exotic investments for your retirement account.
„ Never transfer or rollover your IRA or other retirement funds directly to an investment promoter.
„ Proceed with caution when you are encouraged to invest in a “general partnership” or “limited liability company.”
„ Don’t be swayed by the fact that a bank or trust department is serving as an IRA custodian.
„ Always check out an investment and promoter before you turn over your money."


Solo 401k Plan: Your Opportunity for Checkbook Control of Your Future

Relief from 401k Loan, Contribution and Distribution Regulations

Relief for Plan Sponsors and Participants Affected by Hurricane Harvey

 The IRS issued Announcement 2017-11 for participants and plan sponsors affected by Hurricane Harvey.

Specifically: 

LOANS AND WITHDRAWALS

Plans that do not have the language may grant loans and/or hardship withdrawals between August 23, 2017 and January 31, 2018.
The plan administrator can grant the loan or hardship withdrawal before the normal document and procedure requirements are satisfied.  If applicable, normal spousal consent rules continue to apply.
The 6-month employee deferral suspension normally required for hardship withdrawals are not applicable.

CONTRIBUTIONS
The Dept Of Labor will not consider it a violation if the contribution / loan repayment deposit is delayed solely due to Hurricane Harvey, provided the employer and payroll provider act prudently to deposit the funds as soon as practicable.

NOTICES
The DOL will not treat a violation for failure to give notice of blackout periods related to Hurricane Harvey.



The IRS and Dept of Labor encourage employers to make reasonable accommodations for employees to avert the loss of benefits, and they will give grace periods where appropriate when it is not possible to be in compliance with the plan’s pre-established time frames under the plan’s normal claim and appeal procedures due to Hurricane Harvey.




Solo 401k Plan: Your Opportunity for Checkbook Control of Your Future