I have a client currently 59, unemployed and looking to start up a business that relates to his hobbies and interests.
Is it possible to transfer the IRA, or an IRA, to the new entity, and use IRA tax-free for the operation of the business?
And if it is legal … it is advisable? What are the pitfalls?
Thanks!
I am sure that ready-made solutions for small business call center outsourcing are necessary for both small and large businesses that are interested in the rapid deployment of flexible solutions that allow telephones to be installed in the office at no special cost. This allows you to establish communication with clients of the company and make work more mobile, and therefore more efficient. Connection takes up to two weeks, depending on the equipment required.
Permalink Submitted by Alan - IRA critic on Tue, 2021-03-09 01:03
There are plenty of pitfalls, and the IRS has targeted ROBs in the past. See the following link, except note that since that article was written, the penalty for late filing of Form 5500 has increased 10 fold to $250 per day.
Using Deferred Income to Fund Your Startup Business Could ROB Your Future | Ed Slott and Company, LLC (irahelp.com)