Rules and Regulations/EPCRS/IRS 2007 Dirty Dozen Tax Scams
February 20, 2007
Last week we added the Rules and Regulations section to our website. The section contains links to recent rules and regulations in both .html and .pdf formats (when available) and a brief description of the rules. In addition, most rules and regulations have an information page that contains links to relevant The One-Stop ESOP Blog posts and other related links. Here is a list of the current information pages:
Treasury Regulations
T.D. 9302 - Prohibited Allocations of Securities in an S Corporation (IRC Section 409(p) Final Regulations)
T.D. 9294 - Use of Electronic Media for Providing Employee Benefit Notices and Making Employee Benefit Elections and Consents
DOL/EBSA Final Rules and Field Assistance Bulletins
Amendments to Safe Harbor for Distributions From Terminated Individual Account Plans and Termination of Abandoned Individual Account Plans To Require Inherited Individual Retirement Plans for Missing Nonspouse Beneficiaries (Feb 15, 2007)
Statutory Exemption for Cross-Trading of Securities (Feb 12, 2007)
DOL FAB 2007-01 Statutory Exemption For Investment Advice (Feb 2, 2007)
DOL FAB 2006-03 Periodic Pension Benefit Statements - PPA (Dec 20, 2006)
Electronic Filing of Annual Reports (Jul 21, 2006)
IRS Notices
Notice 2007-8 - In-Service Benefits Permitted to be Provided at Age 62 by a Pension Plan
Notice 2007-7 - Miscellaneous Pension Protection Act Changes
Notice 2007-6 - Cash Balance and Other Hybrid Defined Benefit Pension Plans
Notice 2007-3 - 2006 Cumulative List of Changes in Plan Qualification Requirements
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We discussed the EPCRS program in yesterday's post. If you are looking for more information, the IRS has a Correcting Plan Errors information page that provides “tools, an overview of EPCRS and other useful information to assist plan sponsors.”
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The IRS has published their annual 2007 “Dirty Dozen” Tax Scams. Item number one, the telephone excise tax refund, is something that most everyone and every company will have on their tax return. Here is the complete list of common tax avoidance schemes to avoid:
1. Telephone Excise Tax Refund Abuses
2. Abusive Roth IRAs
3. Phishing
4. Disguised Corporate Ownership
5. Zero Wages
6. Return Preparer Fraud
7. American Indian Employment Credit
8. Trust Misuse
9. Structured Entity Credits
10. Abuse of Charitable Organizations and Deductions
11. Form 843 Tax Abatement
12. Frivolous Arguments