Is That an Employee Benefit Plan or a Tax Shelter?

As part of the fight against abusive tax shelters, Treasury and IRS have identified several categories of “listed transaction” that are subject to enhanced reporting and penalty provisions. The article notes that several of these listed transactions can apply to employee benefit plans. In addition, stringent new regulations governing practice before the IRS (the Circular 230 rules) also affect pension practitioners. The article concludes by recommending that benefits practitioners pay close attention to developments in this area, to protect their clients and themselves