New in-house CPA tax service will be dedicated solely to assisting clients with self-directed IRA LLC on all partnership tax matters
IRA Financial Group, the leading provider of “checkbook control” self-directed IRA LLC structures announces the introduction of its new in-house CPA service specifically dedicated to assisting “checkbook control” self-directed IRA LLC clients with all IRS and tax matters concerning the LLC and the Self-Directed IRA structure, specifically the IRS Form 1065 – Partnership Tax Return. “We are thrilled to be able to offer our thousands of Self-Directed IRA LLC clients the option of consulting with our in-house tax CPAs on all tax aspects of the Self-Directed IRA LLC and any filing requirements, including the preparation and filing of IRS Form 1065,“ stated Adam Bergman, a tax partner with the IRA Financial Group. “Since a significant percentage of our “checkbook control” IRA clients are involved in real estate investments, we believe having the opportunity to get expert tax advice from specialized CPAs is a huge benefit,“ stated Mr. Bergman.
Using a Self-Directed IRA LLC to make investments, such as real estate presents many exciting investment and tax deferral opportunities. In general, when a wholly owned IRA LLC, also known as a single member checkbook IRA LLC is used to make a retirement account investment, there is generally no Federal Income tax return filing requirements, as the LLC will be treated as a disregarded entity for tax purposes. An LLC is treated as passthrough entity for tax purposes, which means it is not subject to tax. The owner (IRA member) of the LLC would be the party responsible for the payment of tax on the allocated net profits generated by the LLC.
When it comes to the payment of tax, in the case of a single member LLC treated as a disregarded entity for tax purposes, the member (owner) of the LLC, and not the LLC would be responsible for the payment of tax in connection with any net profits generated by the LLC. However, in the case of an LLC owned by more than one owner (IRA), an IRS form 1065 – Partnership Tax Return – is required to be filed. “Even though a multiple-member LLC owned by two or more IRAs does not pay tax itself, nor does the IRA owner, a partnership tax return is still required to be filed, “ stated Joel Baum, a CPA with the IRA Financial Group.
The IRA Financial Group has designed a specialized Self-Directed IRA real estate LLC CPA service specifically designed for “checkbook control” self-directed IRA LLC clients, specifically those that have use a multiple-member LLC to make investments, such as real estate.
“The tax professionals and CPAs at the IRA Financial Group are committed to making sure your Self-Directed IRA LLC remains in full IRS compliance from establishment through investment,“ stated Mr. Baum.
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 self-directed IRA LLC provider. 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.