Discussion:Self-Directed IRA owning S-Corp
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Revision as of 17:17, 18 September 2009 Captcook (Talk | contribs) (Try this link. I) Next diff → |
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| I have a client that has an LLC doing service-based business and they want to make an election to be taxed as an S-Corporation. The problem is that one of the partners is a self-directed IRA (set up as an LLC). I see a lot of articles online that say you cannot do it but nobody sites a source. Form 2553 instructions are vague in this sense and the only source cited online is Pub. 590 pages 40-41, but there is nothing there about the subject. Can anyone offer any insights on where I can get a credible substantiation? IRS website is not helpful. Any help is appreciated.}} | I have a client that has an LLC doing service-based business and they want to make an election to be taxed as an S-Corporation. The problem is that one of the partners is a self-directed IRA (set up as an LLC). I see a lot of articles online that say you cannot do it but nobody sites a source. Form 2553 instructions are vague in this sense and the only source cited online is Pub. 590 pages 40-41, but there is nothing there about the subject. Can anyone offer any insights on where I can get a credible substantiation? IRS website is not helpful. Any help is appreciated.}} | ||
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| + | {{ForumReplyPost|UserID=Captcook|Date=18 September 2009|Text=Try this link. It may point you in the right direction. http://www.journalofaccountancy.com/Issues/2009/Sep/20091923.htm}} | ||
Revision as of 17:17, 18 September 2009
Discussion Forum Index --> Advanced Tax Questions --> Self-Directed IRA owning S-Corp
Discussion Forum Index --> Tax Questions --> Self-Directed IRA owning S-Corp
| 18 September 2009 | |
| Hi everyone!
I have a client that has an LLC doing service-based business and they want to make an election to be taxed as an S-Corporation. The problem is that one of the partners is a self-directed IRA (set up as an LLC). I see a lot of articles online that say you cannot do it but nobody sites a source. Form 2553 instructions are vague in this sense and the only source cited online is Pub. 590 pages 40-41, but there is nothing there about the subject. Can anyone offer any insights on where I can get a credible substantiation? IRS website is not helpful. Any help is appreciated. | |
| 18 September 2009 | |
| Try this link. It may point you in the right direction. http://www.journalofaccountancy.com/Issues/2009/Sep/20091923.htm | |
