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New Reporting of Hard-to-Value Assets Could Signal IRA Crackdown
Changes to forms 1099-R and 5498 that require IRA custodians to disclose hard-to-value assets in IRAs could lead to the Internal Revenue Service increasing its enforcement of required minimum distributions. So reports Financial Planning.
While some financial planners maintain that the IRS lacks the staffing needed to increase enforcement, other advisors say the IRS has previously ramped up its policing of certain requirements after increasing disclosure and reporting requirements.
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