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Abusive Insurance and Retirement Plans
Many of the listed transactions that can get your clients into trouble with the IRS are exotic tax shelters that relatively few practitioners ever encounter. When was the last time you saw someone file a return as a Guamanian trust (Notice 2000-61)? On the other hand, a few listed transactions concern relatively common employee benefit plans the IRS has deemed tax-avoidance schemes or otherwise abusive.
Some of these abusive employee benefit plans are represented as satisfying section 419 of the Code, which sets limits on purposes and balances of "qualified asset accounts" for such benefits, but purport to offer deductibility of contributions without any corresponding income. These single-employer section 419 welfare benefit plans carry penalties that can be especially costly for small businesses.
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