In today’s episode of Adam Talks, Adam Bergman, Esq. discusses IRA Financial’s audit protection for self-directed retirement plans and why it was ranked number 1 by Investopedia for the 4th consecutive year.
Best Self-Directed IRA IRS Audit Protection
Adam Bergman, tax attorney and founder of IRA Financial, discusses the importance of IRA audit protection. He highlights how IRA Financial has been rated as the top Self-Directed IRA audit protection company by Investopedia for multiple years. Bergman explains that the lack of data on IRA audits makes it difficult to assess the extent of the issue. The responsibility of IRA audits falls under the Small Business Self Employed Division (SBSE) of the IRS, but they lack expertise in the IRA field. Bergman emphasizes that the IRS focuses on ensuring accurate valuation of IRAs, particularly for individuals over the required minimum distribution (RMD) age.
To address audit risks, IRA Financial offers an annual compliance service with a team of trained tax professionals available for client support. They encourage clients to communicate with them proactively to understand the rules and potential concerns related to their investments. IRA Financial requires clients to complete a prohibited transaction questionnaire before funding their investments to ensure compliance. Bergman emphasizes the importance of education and proactive communication to keep clients protected.
Bergman reassures clients that IRA Financial has an impressive track record of assisting clients facing audits. They aim to negotiate with the IRS to resolve any issues, although prohibited transactions may require clients to manage those separately. Bergman emphasizes that the IRS generally prefers not to harm retirement accounts and is willing to work with individuals in gray areas. He concludes by expressing his pride in IRA Financial’s recognition and their commitment to providing exceptional service and education to their clients.
To learn more about audit protection for your retirement plan, listen to the podcast!