Built on the foundation of the Tax Management Portfolios™, Bloomberg BNA Tax & Accounting is a comprehensive tax research solution designed by tax practitioners for tax practitioners.
By Steven B. Gorin
Thompson Coburn LLP, St. Louis, MO
The IRS continues to investigate and attempt to defer what it referred to as "Rollovers as Business Start-Ups," which it abbreviates as ROBS. An individual rolls over his or her existing retirement funds to the ROBS' qualified retirement plan, then the ROBS plan then uses the rollover assets to purchase the stock of the new business.
The IRS admitted that ROBS plans are not considered an abusive tax avoidance transaction, but asserted that they are questionable because they might solely benefit the individual who started the business.
Preliminary findings from its ROBS compliance project include:
For more details, see www.irs.gov/retirement/article/0,,id=231594,00.html.
For more information, in BNA's Tax Management Portfolios, see Horahan and Hennessy, 365 T.M., ERISA — Fiduciary Responsibility and Prohibited Transactions.
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