Employee Benefits-IRS Is Concerned About Tax Scams Involving Retirement Plans

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.