Resources > News> – Finally A Tailored Record Keeping Program For Your IRA LLC – Finally A Tailored Record Keeping Program For Your IRA LLC

Keep Track of Your Self Directed IRA Investments All in One Place

Sunwest Trust announces the release of, the latest web-based software program to help our IRA LLC holders keep better track of their investments inside their LLC account. The software package is offered to all existing and future clients of Sunwest Trust free of charge. Interested in a custodian that accepts the IRA LLC structure Sunwest Trust may be the custodial solution you need?

Help Eliminate Checkbook IRA Tracking Problems

We created because we discovered over the years that many of our clients were looking for a way to keep track of investments and expenses inside their IRA LLCs. In many cases, we found an Excel spreadsheet just did not cut it, and programs like QuickBooks were not specific enough to aid our clients with tracking. However, with, our software program was specifically designed with the IRA LLC holder in mind. It helps them keep track of their investments and expenses within their accounts.

Key Video Highlights

[0:22] Terry explains “checkbook control IRAs” and how they can benefit you.

[0:34] Another option is for you to invest in LLCs that belong to other people.

[0:49] How do you invest in a single member LLC?

[1:08] It is essential to keep good records with your LLC.

[1:51] Want to get a copy of The Self Directed IRA Handbook? Call 1-800-642-7167 or email the Sunwest Trust office.

[2:07] Terry introduces, a free tool for customers of Sunwest Trust.

[2:51] How can MyIRABookkeeper keep me from making mistakes with my IRA investments?

[3:14] This website helps you with your IRA by saving you from making prohibited transactions.

[3:59] You can also go back into it and make adjustments when your investment fluctuates.

[4:17] If you’re a Sunwest Trust customer, make sure you get your free IRA Bookkeeping account!

Before You Set Up A Limited Liability Company Structure

It should be noted that this resource is not meant to take the place of a knowledgeable CPA or tax attorney. It does not provide investment advice or evaluate investments. Sunwest Trust strongly suggests you use a qualified tax professional to review all your LLC transactions before investing to help you evaluate a transaction, reduce the potential for fraud and help you avoid prohibited transactions. Therefore, this software has very limited purview and is only meant to be a tool to help you keep track of your IRA LLC investments, print checks to purchase investments and simplify reporting your IRA investments in Sunwest Trust annually to the IRS.

How To Start Off Right

Setting up an IRA LLC does not exempt you from any of the IRA rules. Please be sure to review the FAQ and Prohibited Transaction tabs to learn about what is acceptable and is not acceptable inside your IRA account. Also, make sure you are aware of all of the prohibited transactions and disqualified party rules. If you have any questions about prohibited transaction rules or IRA LLCs in general, then, again, make sure to speak with a qualified CPA or tax professional.

To register go to, and click on the My Account link. From that page, you will need to click on Register and fill in your pertinent information. We will create checks for you based on the banking information that you provide us for your LLC, so it is imperative that you input the information accurately.

If you are a Sunwest Trust client, then the Custodian Code when you register is 4001.

Video Transcription:

Hi, my name is Terry White, and it’s Tuesday at 2:00. I appreciate you taking the time out of your busy day to watch this video. We’re continuing our series about things that you can invest your self-directed IRA in, and today we’re going to talk about a big topic that a lot of people use.
I am sure some of you have heard about checkbook control IRAs. All that simply means is investing your IRA in an LLC. Now, you can invest in LLCs that belong to other people by investing in membership units in those LLCs, and that’s a different kind of investment that we’ve talked a little bit before (investing in a friend’s business or in a private business). But today we’re going to talk about investing in an LLC—what would be called a single-member LLC, where your IRA owns the entire membership interest in the LLC. And what I’d like to talk about today is not necessarily just the structure of that, which we’ve talked about before in other videos. Instead, what I want to do is promote the fact that you have to keep good records in that LLC.

You cannot just form an LLC, have Sunwest buy all the membership interests in the LLC with your IRA, and then write checks like crazy and not keep track of it. You have to keep good track of it. You have to keep good records, so you know the assets that your LLC owns, and you have to record the expenses and the investments that the LLC makes from that point forward. And then you have to be able to produce those records, at least to us, on an annual business date like December 31st, so that we know what your LLC is worth and can turn around and report that information to the IRS.

So to help you with that, and other matters, again, we provide the Self-Directed IRA Handbook that I’ve talked about before. If you’d like a copy, you can send us an email. We’d be happy to give it to you, or you could call our office.

A few years back we created a website called I know that’s a long name. We couldn’t think of anything longer, or we probably would have come up with it! that’s a free website to customers of Sunwest Trust, and you can go there and establish an account.

You’ll set up your account. You’ll give us your bank account information—the bank account that your LLC has, and then we will print checks for you. You will submit that information. We’ll activate your account. We’ll send you checks, and then you will print checks off of your printer through that website, and it will keep track of your investments for you. We’ll help keep you from making a mistake. For instance, often people will take a distribution out of their LLC assuming that they’re taking a distribution out of their IRA, and they’re not. The money has to come back to the custodian, and then the distribution, if you’re taking a distribution out of your IRA, has to come from the custodian.

So, for example, if you go to write a check out of this software to yourself, it won’t let you do that. It will make you stop, and it will tell you to contact the custodian. So a few little things like that will help you make sure you don’t do something wrong. It also asks you every time you invest if you’re sure that the investment that you’re making is not a prohibited transaction.

We encourage you to talk to a CPA or a tax attorney by having you check a little box that says, yes, I have spoken to my CPA or tax attorney, and it’s not a prohibited transaction. After that, you can go ahead and print the check, but it keeps track of it, and it will print out the form that we need as of December 31st every year to show the value that you have in your IRA.

You can also go back into it and increase values. Let’s say you bought real estate and the value increased. If you have some comps, and you realize that the value of the property has increased, you can go in and make those adjustments right there online, and the cool thing about it is you can do that from anywhere that you have Internet access. So it’s a really valuable piece of software. We’d love to make it available to you. Just go to

Register, and we’ll get stuff sent out to you and get you all set up. I hope this has been helpful to you. I look forward to talking to you again next week. We have a few more things to talk about. It’s by no means an exhaustive list of things that you can invest in, but a few things that we see people invest in—we’ll be talking about those. And then we’ll move on to some other exciting IRA topics. Thank you for watching.

Terry White

About Terry White

I started my business career after getting my degree in Accounting from the University of New Mexico in 1983. My first job was as a controller for a local title company, and in 1987 I started First Financial Escrow, Inc. Over the years I played a part in several startup companies including First Financial Equities, Inc., First Financial Trust, Inc., First Financial Marketing, Inc. and Asset Ventures, Inc. In 1997 First Financial Escrow, Inc. was able to purchase the escrow accounts from Sunwest Bank and changed its name to Sunwest Escrow. As the market changes, Sunwest has grown and changed along with it. Besides my wife, Sheila, we have three boys, two daughters-in-law, one grandson, another grandson on the way and a future daughter-in-law. Sunwest is my passion, and I enjoy coming to work every day to see what will happen next. I enjoy fly fishing, spending time in Colorado, biking and watching my boys play soccer.