The IRS has been publishing various tax tips on its website this summer. In one of the tips, titled “Five Tax Scams to Avoid this Summer“, the IRS reminds us to beware of tax scams involving retirement plans. The IRS says that it continues to uncover abuses in retirement plan arrangements, including Roth Individual Retirement Arrangements. Taxpayers should be wary of advisers who encourage them to shift appreciated assets into IRAs or companies owned by their IRAs at less than fair market value to circumvent annual contribution limits.
Published By Stanley D. Baum, New York ERISA attorney, Of Counsel at Cary Kane LLP Handling matters in ERISA, employee benefits, disability, and employment law for employers, individuals and unions.