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Tag Archive: how to handle an inherited IRA

IRS to Focus on IRA Compliance

IRS to Focus on IRA Compliance

With millions of dollars in tax penalties that go uncollected each year, it seems almost certain that the IRS will put more time into assessing compliance to the many rules surrounding IRAs. For instance, roughly $290 million of penalties were uncollected in years 2006 and 2007 due to missed withdrawals and ineligible contributions. The instances of non-compliance are often caused from bureaucratic hurdles to tax forms which simply do not provide enough direction according to a report by the Treasure Inspector General for the Tax...

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