IRS Audits Employers in Greater Metropolitan Single Employer Plan

Williams Coulson is representing many taxpayers who are or were participants in the Greater Metropolitan Single Employer 419 Plan.  The IRS audits are conducted by three upstate New York Offices of the IRS.  The IRS Agents have a template information document request that is being used to gather information about the Plan, the Promoters and the employer’s participation in the Plan.  Anyone finding themselves under audit with respect to this Plan should seek immediate representation by Tax Counsel.  The IRS has not yet determined whether the Greater Metropolitan Plan is a “listed transaction” as identified in IRS Notice 2007-83.  Taxpayers should seek immediate guidance as to whether they should currently file IRS Form 8886 to avoid draconian penalties under Internal Revenue Code Section 6707A.