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Using Retirement Accounts to Fund a Business Startup Draws IRS Scrutiny

IRS is increasing scrutiny into a complex practice for using retirement accounts to fund a business. The practice may trip up business owners who take advantage of it.  In the end, it could cost them not only their retirement nest eggs, but open them up to paying back taxes and large penalties to the IRS. The practice is called Rollovers as Business Startups (ROBS). The business owner takes his or her tax-deferred retirement funds and uses them to start or buy a business or franchise.  The practice is being pitched by several financial companies…Read More

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