As I write this post I’m watching cable news and trying to understand the fact that the Dow dropped nearly 800 points today -- and knowing that, as practicing tax and accounting professionals, we’ll be asked about this a LOT, and SOON, and OFTEN. And our clients (the askers) will be scared, and angry.

The IRA has been around since the 1960s and, although it was pretty simple at introduction, it’s anything BUT today. So, with nervous clients and trillions of dollars involved it just might be a good time to make sure we know what we’re talking about.

(You’ll notice I’ve opted for the “ royal we” here since my understanding of the intricacies of IRAs is dismal.) As usual --- it’s technology to the rescue!

Enter Chicago-area lawyer Leonard Gerstein and his recently introduced Web site IRA-Builder.com. The subscription-based site includes great content on creating and funding an IRA, Roths, distributions, etc. It’s pretty rich on law and regulation, too -- think of it as a highly specialized tax partner that’s WAY cheap, doesn’t argue, and requires no office space. The system includes a very nicely thought out calculator that produces analytical reports I guarantee will impress even the most stoic partner. Finally, Gerstein and his associate, Barbara Leopold, are available for both general support and specific consultation.

A few minutes spent on this site will scare you into understanding what you DON’T know about IRAs. Fortunately, Gerstein and Leopold do -- so you don't have to.