Wednesday, July 17, 2013
The Estate Planning Review -The Journal recently published an article entitled, Practitioner Highlightes Potential Dangers When Dealing with IRAs. Provided below is the abstract of his article:
IRAs, whether traditional or Roth, are owned by a broad spectrum of individuals. However, despite their wide spread use, there are many nuances in the rules governing IRAs that are not necessarily well known by practitioners or their clients. As pointed out by Seymour Goldberg, CPA, J.D., senior partner in the law firm Goldberg & Goldberg, P.C., Woodbury, New York, there is evidence of significant noncompliance with respect to the rules governing contributions to and distributions from IRAs. This can present both opportunities and dangers for professionals when advising their clients about IRAs. A former IRS agent, Mr. Goldberg is professor emeritus of law and taxation at Long Island University and is the author of The IRA Guide to IRS Compliance Issues (Including IRA Trust Violations), recently published by the American Bar Association (http://apps.americanbar. org/abastore/)(product code 1620533).