New GAO Report Spurs Calls for Cracking Down on "Mega-IRAs."

The Government Accountability Office (GAO) released a new report entitled, “Individual Retirement Accounts: IRS Could Bolster Enforcement on Multimillion Dollar Accounts, but More Direction from Congress Is Needed.”  The report expands on data released by the GAO in September, which first revealed that about 9,000 taxpayers had IRA accounts with balances exceeding $5 million in 2011. Read the full report and recommendations here.  Senate Finance Committee Chairman Ron Wyden (D-OR), responded with a call on the Treasury Department to implement the GAO report’s recommendations and asked GAO to further review self-directed IRAs.  Read Wyden’s statement here.