It is important to keep your Checkbook IRA plan in good standing. While the vehicle is not particularly maintenance-intensive, there are some critical things that must be done on a regular basis or if your situation changes.

IRA LLC Annual Administrative Checklist

• Maintain records of all plan transactions, expenses, and income. This is largely for audit defense but can also be a good process for internal reporting and analysis of how your investments are performing.
• JANUARY – Report annual fair market value of the LLC to Forge Trust Co. Valuation should reflect year-end value and must be submitted by mid-January.
• Maintain a minimum cash balance of $300 in the Forge Trust Co. account.  This is where account fees are drawn quarterly.  We recommend you address this each year when you report your valuation.
• ANNUALLY – File an annual report with the state of LLC jurisdiction if required. Depending on the state, the filing deadline may be a fixed date each Spring or in the anniversary month of LLC formation.  Any associated fees must be paid using LLC funds.
• Maintain any state or local LLC business license if required.
• Maintain a current registered agent for the LLC and update the state if the agent or agent address changes. The purpose of the registered agent is simply the in-state physical address for delivery of official notices or court summons.
  • If the LLC is formed in your home state, you are likely the registered agent.
  • If the LLC was formed in another state, then a 3^rd party you designated or a services firm setup by Safeguard is likely acting as agent.
  • A 3^rd party agent such as Blumberg Excelsior or Registered Agents Inc. will have annual fees that need to be paid from the LLC.
• Notify applicable plan vendors of contact information changes such as address, phone, or email. Affected vendors would include the following and perhaps others:
  • Safeguard Advisors
  • Forge Trust Co.
  • The Secretary of State where the LLC is formed
  • Banks
  • Insurance companies
  • Transaction counter parties
• Ensure your IRA account beneficiary designation is current. Make updates to add or change beneficiaries, or information about a specific beneficiary.
• If your IRA is generating tax exposure via Unrelated Debt-Financed Income or Unrelated Business Taxable Income, you must work with your CPA on record keeping and tax preparation. Depending on the taxable amount quarterly estimated tax payments may be required.

IRA Trust Annual Administrative Checklist

• Maintain records of all plan transactions, expenses, and income. This is largely for audit defense but can also be a good process for internal reporting and analysis of how your investments are performing.
• JANUARY – Report annual fair market value of the Trust to Forge Trust Co. Valuation should reflect year-end value and must be submitted by mid-January.
• Maintain a minimum cash balance of $300 in the Forge Trust Co. account.  This is where account fees are drawn quarterly.  We recommend you address this each year when you report your valuation.
• Notify applicable plan vendors of contact information changes such as address, phone, or email. Affected vendors would include the following and perhaps others:
  • Safeguard Advisors
  • Forge Trust Co.
  • Banks
  • Insurance companies
  • Transaction counter-parties
• Ensure your IRA account beneficiary designation is current. Make updates to add or change beneficiaries, or information about a specific beneficiary.
• If your IRA is generating tax exposure via Unrelated Debt-Financed Income or Unrelated Business Taxable Income, you must work with your CPA on record keeping and tax preparation. Depending on the taxable amount quarterly estimated tax payments may be required.