Most types of tax-exempt entities may establish unfunded eligible deferred compensation plans under Sec. 457, sometimes called “top-hat” plans because they are designed for members of management and highly compensated individuals.
This article explains the basic EITC rules, the due-diligence requirements under Sec. 6695(g), and the proposed changes to the regulations under Sec. 6695(g).
This article focuses primarily on the Circular 230 tax preparer penalties and other sanctions as well as the regulations governing practice before the IRS that were revised by T.D. 9527.