Merrill Lynch did internal transfer of Doctors closed Keogh to a rollover IRA. They warned him that they can’t find his Keogh documents (and of course the Doctor can’t find them) so they told him he SHOULD NEVER move his IRA to another brokerage firm because the IRS may audit him and disallow his plan since he won’t be able to produce the old Keogh document. Has anyone ever heard of this happening??

Doctor has lost a lot of money over the years with Merrill’s investment suggestions and wants desperately to move his assets OUT of Merrill but is scared of an audit. What are the chances of an audit and would he need to have his original document even though he has filed 5500’s every year the plan was in place?