Self Directed IRAs, Prohibited Transactions, and the IRS Statute of Limitations: Thiessen v. Commissioner
In the recent case of Thiessen v. Commissioner, 146 T.C. No. 7 (2016), the Tax Court considered how long the IRS has to allege a prohibited transaction against self directed IRAs. In general, the IRS must allege a prohibited transaction against self directed IRAs within three years after the return is filed. IRC 6501(a). However, that time-period may be extended […]