Why You Should Work with Trained Tax Attorneys to Establish a Solo 401(k) Plan

Sales Representatives Who Are Not Trained Tax Attorneys/CPAs Should Not Be Establishing Solo 401(k) Plans

There are several companies on the internet that advertise themselves to be Solo 401(k) Plan providers and experts. However, in most cases, the people that would be involved in drafting your Solo 401(k) Plan documents, as well as advising you, are not tax attorneys or even tax professionals.  Many times, a salesperson or representative of a Solo 401(k) Plan provider will offer you tax or ERISA guidance with respect to a 401(k) Plan feature or an investment, while lacking the adequate knowledge or expertise to do so.  They may even tell you that you don’t need a tax attorney to help you establish the plan.  As a result, we have had to, on many occasions, help individuals who worked with a number of these companies who found themselves in some IRS trouble because they have made improper plan contributions or invested in a prohibited transaction as a result of being mislead by a plan provider representative that was not qualified to provide proper tax advice regarding the unique features of the Solo 401(k) Plan. Working directly with a 401(k) Plan tax professional that has been specifically trained on the special tax aspects of the Solo 401(k) Plan to establish and maintain your Solo 401(k) Plan is the only way you can guarantee your plan will remain in full IRS compliance and that you will not be engaging in any plan activities not approved by the plan or the IRS.

Only Trained Tax Attorneys/CPAs Can Properly Advise You on the Tax Aspects of a Solo 401(k) Plan

Working with trained tax & ERISA attorneys when looking for a Solo 401(k) Plan provider is crucial in ensuring that your plan will be properly setup, as well as remain in full IRS compliance. The Solo 401(k) Plan is based on the rules found in the Internal Revenue Code, which can be quite complicated to the non-tax attorney. Therefore, it is strongly advisable to work with a Solo 401(k) Plan provider like the IRA Financial Group or Bergman Law Group to establish your IRS approved Solo 401(k) Plan. Relying on the advice of a document processor or no-tax professional when it comes to establishing and maintaining your retirement plan puts your retirement future at great risk. Too many times, plan participants have unknowingly violated IRS rules when operating their Solo 401(k) Plan because a plan provider representative that was not qualified to provide relevant tax advice gave them inaccurate and incomplete tax advice or drafted the plan documents incorrectly. Make sure this does not happen to you – work only with qualified 401(k) Plan tax & ERISA professionals who have been specifically trained on the special tax aspects of the Solo 401(k) Plan to establish and maintain your Solo 401(k) Plan.

Don’t Trust an Internet Company Who States You Don’t Need to Work With Trained Tax Attorneys to Establish a Solo 401(k) Plan

Just because your Solo 401(k) Plan has been established does not mean that you no longer need any ongoing tax and ERISA support.  Most Solo 401(k) Plan providers are headed for the exit once the plan has been established.  As you begin administering your Solo 401(k) Plan, whether it involves making employee deferral or profit sharing contributions, making a non-traditional investment, taking a plan loan, or considering a Roth conversion, you will want to be able to have the ability to consult with specialized trained tax attorneys and 401(k) Plan tax professionals and get specialized tax and ERISA advice based on your particular retirement or tax question.  IRA Financial Group feels strongly that the ongoing maintenance of the Solo 401(k) Plan is crucial in making sure your Solo 401(k) Plan remains in IRS compliance and that the IRS respects all your plan contributions and investment gains. Working directly with tax & ERISA trained attorneys and our 401(k) Plan tax professionals that have been specifically trained on the special tax aspects of the Solo 401(k) Plan will help keep your Solo 401(k) Plan in full IRS compliance.

Why Work 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. Over the years, we have helped thousands of clients establish self-directed Solo 401(k) Plans. With our work experience at some of the largest law firms in the country, our retirement tax professionals’ tax and ERISA knowledge in this area is unmatched.

To learn more about the advantages of using a Solo 401(k) Plan, please contact one of our Solo 401(k) Plan experts at 800-472-0646 for more information.


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