New Audit Targets: IRS Focuses on Employee Stock Ownership Plans (ESOPs) by: SANDRA BROWN and PHILIPP BEHRENDT
Posted by Hochman Salkin Toscher Perez P.C. 
Posted on Saturday, August 12, 2023
In a recent announcement, titled: “IRS cautions plan sponsors to be alert to compliance issues associated with ESOPs” (IR-2023-114, dated August 9, 2023), the Internal Revenue Service (IRS) highlighted its expanded efforts to ensure high-income taxpayers pay their fair share of taxes. The focus of this announcement is on compliance issues associated with Employee Stock Ownership Plans, so-called ESOPs. We discuss the key takeaways from the IRS’s warning and the implications for businesses and individual taxpayers.
