Clients who invest their retirement accounts in unconventional assets—such as real estate, precious metals, private equity or virtual currency like bitcoin—could be placing their savings at risk, according to a new report.
The report, from the Government Accountability Office, found that retirement accounts allowing such unconventional investments increase the responsibilities of the account owners in ways they may not understand. Those mistakes could trigger additional taxes and tax penalties. On top of that, account custodians can prematurely close an account or let valueless assets and fraud go undetected because they didn’t determine the value of unconventional assets accurately.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access