12/27/2004: Comments on IRS Warning Letter on Abusive S Corporation ESOP Arrangements (Attorney B. Janell Grenier via Benefitsblog.com)
Excerpt: "About 1700 business and retirement plan sponsors will be receiving something in the mail from IRS this season--and it won't be a holiday greeting. The IRS announced ... that it has recently issued letters to certain businesses and retirement plan sponsors (1) alerting them of a change in the law effective January 1, 2005 applicable to S corporation ESOPs and (2) warning them of the consequences of participating in abusive schemes involving ESOPs and S corporations."
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