uDirect IRA Services LLC

Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and have determined that this proposed action would not resolve my complaint For your reference, details of the offer I reviewed appear below Actually, they are not proposing any actionUdirect continues to not take responsibility for submitting information to the IRSMy tax professional and I have already taken steps to document, explain and correct the information reported by them However, I think the public should understand how they operate their businessThey make it sound as if this reporting is a standard practice, which is much different from their counterparts.They stated that " “it’s not our job or place to determine if a plan is validWe are not even necessarily qualified to determine if a plan is validTo try and make that determination could be negligent in the eyes of the IRS if we are wrongThis can get us fined and in trouble.??Therefore, we do what most other custodians do, which is disburse the funds, issue a 1099, then the account holder is required to file their returns and show that the funds were rolled over in days to a qualified plan They are in the business of setting up and selling valid retirement plans, yet, they do not have the resources to detect or determine a valid account!? Again with the contradictions in business practiceThat seems like a reckless way of doing business or the statement is dishonestAll they want to do is hold the money and apparently, are disgruntled when they encounter a loss of it.Whatever the case, I am done dealing with this company and will move forward grateful that I to have a new company that has my best interest and appreciates my business Regards, [redacted]

I write in regard to complaint ID [redacted] Where we certainly appreciated Ms [redacted] ’s business when she was an account-holder, at this time she faces no taxable event if she takes the simple step of advising the IRS that her funds landed in her new plan (which she is trustee of) She is in actuality barely inconvenienced by the reporting method of our trust company custodian As we advised her she just needs to let the IRS know her funds went into a qualified plan As the trustee of her new 401(k) plan this is her duty There is nothing false, reckless or dishonest about it Few people who are not tax advisors or professionally involved with retirement plans fully understand the intricacies of how these plans work We certainly wish Ms [redacted] the best of luck as she proceeds with her new plan [redacted] ***, President uDirect IRA Services [redacted] ***

Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and have determined that this proposed action would not resolve my complaint For your reference, details of the offer I reviewed appear below.Actually, they are not proposing any actionUdirect continues to not take responsibility for submitting information to the IRSMy tax professional and I have already taken steps to document, explain and correct the information reported by them However, I think the public should understand how they operate their businessThey make it sound as if this reporting is a standard practice, which is much different from their counterpartsThey stated that " “it’s not our job or place to determine if a plan is validWe are not even necessarily qualified to determine if a plan is validTo try and make that determination could be negligent in the eyes of the IRS if we are wrongThis can get us fined and in trouble.??Therefore, we do what most other custodians do, which is disburse the funds, issue a 1099, then the account holder is required to file their returns and show that the funds were rolled over in days to a qualified plan They are in the business of setting up and selling valid retirement plans, yet, they do not have the resources to detect or determine a valid account!? Again with the contradictions in business practiceThat seems like a reckless way of doing business or the statement is dishonestAll they want to do is hold the money and apparently, are disgruntled when they encounter a loss of itWhatever the case, I am done dealing with this company and will move forward grateful that I to have a new company that has my best interest and appreciates my business Regards, [redacted]

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.Actually, they are not proposing any action. Udirect continues to not take responsibility for submitting false information to the IRS. My tax professional and I have already taken steps to document, explain and correct the information reported by them.  However, I think the public should understand how they operate their business. They make it sound as if this false reporting is a standard practice, which is much different from their counterparts.
They stated that " “it’s not our job or place to determine if a plan is valid. We are not even necessarily qualified to determine if a plan is valid. To try and make that determination could be negligent in the eyes of the IRS if we are wrong. This can get us fined and in trouble.??Therefore, we do what most other custodians do, which is disburse the funds, issue a 1099, then the account holder is required to file their returns and show that the funds were rolled over in 60 days to a qualified plan.  They are in the business of setting up and selling valid retirement plans, yet, they do not have the resources to detect or determine a valid account!? Again with the contradictions in business practice. That seems like a reckless way of doing business or the statement is dishonest. All they want to do is hold the money and apparently, are disgruntled when they encounter a loss of it.
Whatever the case, I am done dealing with this company and will move forward grateful that I to have a new company that has my best interest and appreciates my business. 
Regards,
[redacted]

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
Actually, they are not proposing any action. Udirect continues to not take responsibility for submitting false information to the IRS. My tax professional and I have already taken steps to document, explain and correct the information reported by them.  However, I think the public should understand how they operate their business. They make it sound as if this false reporting is a standard practice, which is much different from their counterparts.They stated that " “it’s not our job or place to determine if a plan is valid. We are not even necessarily qualified to determine if a plan is valid. To try and make that determination could be negligent in the eyes of the IRS if we are wrong. This can get us fined and in trouble.??Therefore, we do what most other custodians do, which is disburse the funds, issue a 1099, then the account holder is required to file their returns and show that the funds were rolled over in 60 days to a qualified plan.  They are in the business of setting up and selling valid retirement plans, yet, they do not have the resources to detect or determine a valid account!? Again with the contradictions in business practice. That seems like a reckless way of doing business or the statement is dishonest. All they want to do is hold the money and apparently, are disgruntled when they encounter a loss of it.Whatever the case, I am done dealing with this company and will move forward grateful that I to have a new company that has my best interest and appreciates my business. 
Regards,
[redacted]

I write in regard to complaint ID [redacted].
 
Where we certainly appreciated Ms. [redacted]’s business when
she was an account-holder, at this time she faces no taxable event if she takes
the simple step of advising the IRS that her funds landed in her new plan (which
she is trustee of).   She is in actuality
barely inconvenienced by the reporting method of our trust company
custodian.  As we advised her she just
needs to let the IRS know her funds went into a qualified plan.  As the
trustee of her new 401(k) plan this is her duty.  There is nothing false, reckless or dishonest
about it. 
 
Few people who are not tax advisors or professionally involved
with retirement plans fully understand the intricacies of how these plans
work.  We certainly wish Ms. [redacted] the
best of luck as she proceeds with her new plan.
 
[redacted],
President
uDirect IRA Services[redacted]
[redacted]