IRS launches web section on abusive tax shelter schemes involving employee retirement plans.

• Position: National

As part of its effort to combat abusive tax shelter schemes and transactions, the IRS launched a new section on IRS.gov containing important information about abusive schemes involving employee retirement plans. The site is intended to warn promoters and plan professionals about the consequences of participating in such schemes.

The new employee plans (EP) information is located in the Retirement Plans section under "EP Abusive Tax Transactions." In the new section, the IRS identifies so-called "listed transactions" involving employee retirement plans. It also provides recently issued guidance--such as Treasury regulations and IRS revenue rulings--intended to shut down transactions the IRS...