When IRA Mistakes Become Permanent: Tax Consequences and Planning Solutions
Mistakes involving IRAs and retirement plan distributions frequently can be corrected through IRS-approved remediation procedures. However, some retirement account errors are irreversible and can trigger substantial income taxes, early distribution penalties, lost tax benefits, accelerated distributions, and significant wealth erosion. This program examines "fatal" IRA mistakes, focusing on situations where no corrective action is available after the transaction occurs.
Participants will explore the technical tax rules governing inherited IRAs, spousal rollovers, the one-rollover-per-year limitation, property rollover requirements, Roth conversion irrevocability, Net Unrealized Appreciation (NUA) planning, and IRC §72(t) substantially equal periodic payment plans. The webinar emphasizes practical planning strategies, advisor due diligence, and pre-transaction analysis techniques designed to prevent costly errors before they occur. Real-world examples and case studies will illustrate the severe tax consequences that can result when these rules are overlooked.
This course is appropriate for CPAs, Enrolled Agents, Attorneys, financial professionals, and other tax practitioners who advise clients on retirement distributions, estate planning, retirement income strategies, and wealth transfer planning.
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*Self-Study recording available for IRS CE Credit only (NO CPE)
NASBA Field of Study: Taxes
IRS Program #: 7Q3WU-T-TBA
CTEC Course #: 6248-CE-TBA
Michael Miranda
,
CPA, QKA, NQPC, AEP
Michael R. Miranda is the owner of MIRANDA CPA & Consulting LLC, based in Sioux Falls, South Dakota. With more than 49 years of experience, Michael specializes in tax consulting, estate planning, and employee benefits, serving clients with complex needs and representing them before governmental agencies. His practice focuses on niche areas of tax law and strategic planning, and he maintains an active national speaking schedule on topics including tax law, estate planning, and employee benefit strategies.
Michael serves on the Board of Directors for National Advisor Trust Companies of Kansas and South Dakota. He holds multiple professional designations: CPA, QKA and NQPA (Qualified Plan Administration), and AEP (Accredited Estate Planner). His professional affiliations include the AICPA, South Dakota CPA Society, ASPPA, NAEA, NATP, and NAEPC.
Prior to founding his firm in 2017, Michael was a senior manager and shareholder at a regional CPA firm in Northwestern Iowa for 27 years. Earlier in his career, he worked as a Tax Specialist with a Big Eight accounting firm in South Bend and Minneapolis, advising individuals and small to mid-sized businesses on tax and estate planning. Michael resides in Sioux Falls with his wife, Jeanette.
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