Nov. 19 (Bloomberg) — Corporate and private-equity executives can accumulate millions of dollars in tax-favored retirement accounts, taking advantage of gaps in the law and IRS enforcement, the Government Accountability Office said in a report.
The Internal Revenue Service has trouble fighting back because legal disputes over asset values in individual retirement accounts are complex and time-consuming, the report said. Also, the IRS has a three-year deadline for challenging an individual's tax return.
"The result is a revenue loss to the federal government through a circumvention of the longstanding rationale for IRA contribution limits," the report said.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
