The Government Accountability Office (GAO) has issued a report that examines the challenges associated with enforcing rules governing IRAs invested in unconventional assets. The bottom line of the report is that the IRS can do a better job informing taxpayers about noncompliance related to such assets. Unconventional IRA investments include real estate, certain precious metals, private equity and virtual currency. Account owners may be unaware that they are “assuming greater responsibility for navigating the complex rules that govern tax-favored retirement savings,” the GAO noted. For additional details of the report: https://bit.ly/2vztazT
