Next Generation Trust Services Announces Filing Extension on Fair Market Value Form for its Clients with Self-Directed IRAs
Roseland, NJ (PRWEB) November 21, 2014 -- Next Generation Trust Services, a third-party administrator of self-directed retirement plans, is alerting its clients that due to new in-office procedures, the firm is able to push the deadline for clients to return the Fair Market Value Form to March 31, 2015 if necessary. The form is used by holders of individual retirement arrangements (IRAs) to declare the accounts’ fair market value (FMV). Next Generation uses the information provided by its clients to prepare the IRS required reporting of 5498s. The IRS requires all IRA administrators to report the value of each IRA they administer using Form 5498 by May 31st each year.
“We recognize that not every client will be able to fully calculate their IRAs’ fair market value by our previous December 31 deadline due to certain investments in their retirement funds,” said Matt Zidow, operations manager of Next Generation Trust Services. “We will now be able to update year-end FMV figures after March 31 due to changes in our trust accounting software.”
With self-direction, individuals may invest in a broad range of nontraditional assets including real estate, commodities, private paper, loans, precious metals and much more. Account holders make all their own investment decisions; Next Generation manages all the paperwork and filing for its clients’ accounts, provides transaction support, and ensures that clients are investing within IRS guidelines.
“The growth in self-directed retirement plans has caught the attention of the IRS,” said Raskulinecz. “The changes to Form 5498 have been made in order to track non-publicly traded alternative assets more closely. She added that the asset valuation in self-directed IRAs must be performed by a third-party professional. Next Generation clients are encouraged to contact the office staff for specifics on their asset type.
For more information about self-direction as a retirement strategy or the nontraditional investments allowed through self-direction, visit http://NextGenerationTrust.com or contact Next Generation at Info(at)NextGenerationTrust(dot)com or (888) 857-8058.
About Next Generation Trust Services
Next Generation Trust Services (NGTS), headquartered in Roseland, New Jersey, is a professional third-party administrator of self-directed retirement plans. NGTS provides education, administrative support, and account maintenance to individuals interested in self-directing their retirement portfolios with a wide variety of investments that are not typically found in an IRA, such as real estate, precious metals, notes and mortgages, private placements, accounts receivables, limited partnerships, hedge funds, and much more. Next Generation Trust Services serves clients globally via its website, http://www.NextGenerationTrust.com. For more information on self-directing a retirement plan, call 973-533-1880, 888-857-8058 (toll free), or e-mail Info(at)NextGenerationTrust(dot)com.
Jaime Raskulinecz, Next Generation Trust Services, http://www.NextGenerationTrust.com, +1 973-533-1880 Ext: 113, [email protected]
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