One of the categories is “retirement.” There is a lot of interest in retirement issues. One of them is what assets should go into an IRA.
I say “None.” This is not a popular answer. I add, “especially gold.” This is also unpopular.
Over the years, I have published articles on my site explaining these answers. But some subscribers do not use the search engine to locate these articles. Others do not believe me. Still others talk it over with their accountants. Their accountants offer rival views. Then they post a question that reflects their accountants’ views.
I have no objection to someone going to his CPA for advice. In fact, I recommend it. That’s what CPAs are supposed to do: offer advice.
But there is a problem. CPAs are inside the tax system. They give advice as agents of the system. They are licensed by the profession, which has been granted an occupational monopoly by agencies of government.
I used to have an accountant who had been a CPA, but he resigned. He turned in his CPA license. Here was his logic. “I take extreme positions on interpreting the tax code, to enable my clients to pay minimal taxes. At some point, I argue very strongly in tax court. I could have been threatened by the IRS to have my CPA license revoked. To remove this threat, I send back my license.” This man no longer takes clients with less than $1,000,000 income per year. Note: he is also a semi-pro poker player in Las Vegas. His moniker at the table would tell all but a professional to stay out of the game. He likes risk.
Most CPAs don’t like risk.
I am always looking for ways to get my ideas across. So, I have decided to get across my position on gold in IRAs by creating a hypothetical document: a letter from a CPA. In it, I set forth the accountants’ case for IRAs. This case is detailed. It spells out the implications behind the recommendation.