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.
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