As the end of the year approaches, American IRA is here to help you navigate crucial financial deadlines and updates. Planning ahead ensures your self-directed IRA (SDIRA) remains compliant and avoids unnecessary fees. Below, we outline important deadlines, updates, and reminders to assist you in your year-end financial planning. 

Key Submission Deadlines:

• Distribution Forms: Submit by 11:59 pm EST on November 15, 2024, to ensure processing within this tax year. 
• Fair Market Valuations (FMV): Submit your FMV by January 31, 2025, to include your asset’s value on IRS Form 5498 and avoid Special Services fees. 

Late submissions for FMVs will incur a $75 Special Services fee after January 31, 2025, and a $300 Special Services fee after April 15, 2025. 

Fair Market Valuation Submission Process:

The IRS requires accurate FMV reporting for all self-directed retirement accounts. Here’s how to ensure your FMV is completed correctly: 

1. Gather Information: Collect relevant financial data and asset valuations. 
2. Seek Expert Help: Engage a certified valuation expert for accuracy. 
3. Complete the Report: Include documentation such as real estate appraisals or broker opinions. 
4. Review: Double-check compliance with IRS guidelines. 
5. Submit: Send your FMV by January 31, 2025, via one of the following methods:  
   1. Mail: American IRA, LLC, 135 Broad St., Asheville, NC 28801 
   2. Email: [email protected] 
   3. Fax: 828-257-4948 

Submit Your FMV Here

Express/Expedited (aka, “Rush”) Processing Blackout Period:

Please be aware of the blackout period for expedited review, express processing, or rush transactions. This blackout period will be in effect from November 1 to January 31. 

During this time, we will not be able to accommodate requests for: 

• Expedited Review 

• Express Processing 

• Rush Transactions 

This policy is due to increased transaction volumes and year-end processing deadlines. We encourage all clients to plan ahead and submit any time-sensitive requests as early as possible to avoid potential delays. 

Payment Authorizations Policy Reminder:

Effective July 1, 2022, New Vision Trust Company, our custodian, does not process payment requests to credit cards, credit accounts, invoices, or bills under the name of disqualified individuals, which include: 

• Account owners, their spouses, children, grandchildren, parents, grandparents, and entities they control. 

• Significant business associates or service providers to your retirement account. 

Alternative Payment Options: 

• • Request vendors to directly purchase project materials. 

• • Instruct property managers to pay vendors for projects. 

This policy ensures compliance with IRS regulations prohibiting credit extensions or fund commingling involving disqualified persons. 

Corporate Transparency Act (CTA) Requirements:

On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction, suspending the enforcement of the Corporate Transparency Act (CTA) reporting requirements due to potential constitutional concerns. 

In response, FinCEN clarified that during the injunction period, reporting entities are not required to file Beneficial Ownership Information (BOI) reports and will not face penalties for non-compliance. However, FinCEN continues to accept voluntary submissions. 

The Department of Justice has filed an appeal against the court’s decision. Until the appeal is resolved, the mandatory BOI reporting deadlines remain on hold. Entities are encouraged to monitor the situation closely to ensure compliance once the injunction is lifted or further legal updates are issued. 

• Check the FinCEN Website for deadlines and exemptions. 

• Qualifying entities must obtain an Employer Identification Number (EIN) 

 Note: American IRA does not administer the CTA program. For more details, consult your CPA or FinCEN directly. 

Contact Us 

If you have any questions or need assistance, please contact our Client Services team: 

• Email: [email protected] 

• Phone: 828-257-4949 

We appreciate your trust in American IRA and look forward to supporting your self-directed investing success. 

Interested in learning more about Self-Directed IRAs? Contact American IRA, LLC at 866-7500-IRA (472) for a free consultation. Download our free guides or visit us online at www.AmericanIRA.com.