A Wall Street Journal article titled “IRA Rules Get Trickier
” quoted Martin Censor, a manager from the AICPA. The article warns people with IRA accounts that the federal government is starting to crack down on illegal withdrawals and contributions. For example, if someone were to “contribute” more than the annual limit to their IRA they could be hit with a 6% penalty. Censor urges IRA account holders to start paying attention with more detail to what they do, referring to the federal government’s tightening policy as a “wake-up call.