Financial Services Industry
Industry: Email Alert RSS FeedCost of fixing IRA errors rising; savvy advisers needed; Private-letter rulings to cost much more starting next month.(News)
Investment News, January, 2006
Byline: Ilana Polyak NEW YORK - If they aren't already well versed in tax law, advisers had better bone up on the ins and outs of certain retirement tax rules, accountants say. Asking for individual consideration from the Internal Revenue Service to correct some mistakes will become drastically pricier now.
That is bad news for investors who have an account dispute but good news for advisers who stay up to snuff on the laws governing individual retirement accounts, experts say. Starting next month, the IRS is raising fees for private-letter rulings. The rulings help to clarify points of tax law on a case-by-case basis or even to fix honest mistakes by a taxpayer. Mostly, the rulings deal with retirement accounts, which are governed by...
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