Self-Directed IRAs Tax Problems and Issues

General Description:

This course will discuss the tax compliance rules regarding a self-directed IRA. This includes the Unrelated Business Taxable Income and Unrelated Debt Financing Income rules. The course will also cover the possible penalties for transactions involving disqualified persons and possible tax issues arising from divorce.

Learning Objective:

After completing this course the participant will be able to:

• Identify major reporting requirement compliance issues for self-directed IRAs.
• Explain how Unrelated Business Taxable Income relates to self-directed IRAs.
• Explain how Unrelated Debt Financing Income relates to self-directed IRAs.
• Determine who is a "disqualified person" for the purposes of a self-directed IRA.
• Advise clients on avoiding transactions between the self-directed IRA and "disqualified ­persons."
• List the possible penalties for a self-directed IRA.
• Discuss issues arising from the transfer of self-directed IRA funds pursuant to a divorce.
• Discuss potential issues of self-directed IRAs in estate planning.

Instructors:

Richard L. Russell, Jr. is an associate professor of accounting at Metropolitan State University of Denver (MSU Denver), teaching Tax I & II in the undergraduate program and Tax Research, Tax Practice & Procedure, and Partnership Taxation in the graduate Master of Professional Accountancy program. He earned his bachelor’s degree in accounting and Master of Professional Accountancy from Jackson State University and J.D. from the University of Iowa College of Law. He is licensed as a CPA in Mississippi and Colorado and licensed as an attorney in Colorado. He has served as a member of the AICPA’s Regulation Subcommittee, which votes on CPA exam questions related to tax and business law, and is licensed to practice before the United States Tax Court.

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