IRA Financial Group Announces Expansion of Solo 401(k) Loan Program

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IRA Financial Group clients borrowed over $45 million tax-free in Solo 401(k) funds in 2011

Self-Employed Individual - Solo 401K Plan

“A growing number of clients have used the solo 401(k) plan loan option as a source of credit in light of the tightening credit market,“ stated Adam Bergman, a tax attorney with the IRA Financial Group.

IRA Financial Group, the leading of facilitator of self-directed solo 401K plans, has announced the expansion of its solo 401k plan loan program to meet growing demand. IRA Financial Group has added several tax professionals to its solo 401K Loan Processing Department in order to better serve its growing client base. “A growing number of clients have used the solo 401(k) plan loan option as a source of credit in light of the tightening credit market,“ stated Adam Bergman, a tax attorney with the IRA Financial Group.

Internal Revenue Code Section 72(p) and the 2001 EGGTRA rules allow a Solo 401(k) plan participant to borrow money from the plan tax-free and without penalty. As long as the plan documents allow for it & the proper loan documents are prepared and executed, a participant loan can be made for any reason. The solo 401k loan is received tax-free and penalty free. There are no penalties or taxes due provided loan payments are paid on time. The IRA Financial Group Solo 401(k) Plan documents will allow one to use a Solo 401(k) loan for any personal, investment, or business purpose, including real estate, paying a personal debt, making a personal purchase, and even funding a new business. The tax professionals at the IRA Financial Group assist in the completion of the solo 401k plan documents and its adoption.

As a result of the recent economic meltdown, banks and other financial institutions have severely limited their lending capacity to self-employed business owners, thus, causing grave financial pressure on self-employed business owners. The Solo 401(k) plan is a perfect structure for any self-employed business owner seeking immediate funds for their business or to help pay personal expenses. Solo 401(k) participants can borrow up to either $50,000 or 50% of their account value - whichever is less to help finance or operate their business.

A Solo 401(k) plan is well suited for businesses that either do not employ any employees or employee certain employees that may be excluded from coverage. A Solo 401K plan is perfect for any sole proprietor, consultant, or independent contractor.

For solo 401K eligibility, an individual must meet just two eligibility requirements: (i) The presence of self employment activity, and (ii) The absence of full-time employees.

The tax professionals at the IRA Financial Group will take care of the set-up of the entire IRS compliant Solo 401k Plan. The tax and ERISA experts at the IRA Financial Group are on site greatly reducing the set-up time and cost.

The IRA Financial Group was founded by a group of top law firm tax and ERISA lawyers who have worked at some of the largest law firms in the United States, such as White & Case LLP, Dewey & LeBoeuf LLP, and Thelen LLP.

IRA Financial Group is the market's leading “checkbook control Self Directed IRA Facilitator. IRA Financial Group has helped thousands of clients take back control over their retirement funds while gaining the ability to invest in almost any type of investment, including real estate without custodian consent.

To learn more about the IRA Financial Group please visit our website at http://www.irafinancialgroup.com or call 800-472-0646

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Jaclyn Baily
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