IRS Needs Clearer Guidance On Unconventional Assets: GAO

Law360, New York (January 10, 2017, 1:58 PM EST) -- The IRS needs to improve its guidance for managing unconventional assets invested in retirement accounts, including real estate and virtual currency, to help account owners avoid mistakes that could jeopardize their savings, according to a U.S. Government Accountability Office report released Monday.

In its report, the government watchdog said that current IRS guidance provides “little information” to assist owners of individual retirement accounts in understanding the expanded responsibilities and potential challenges associated with investing in unconventional assets. Without a clear comprehension of the different kinds of...
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