August 15, 2008
FYI: Use Caution Regarding “IRS Publications”
By Cindy Van Bogaert
Here is your latest FYI: Employee Benefits
Update from Cindy Van Bogaert, Partner and Chair of the Employee
Benefits Practice Group at Boardman Law Firm LLP.
This FYI provides some information and words of caution about relying upon "IRS
Publications" for those administering employee benefit plans. IRS Publications
and other items can be found on the IRS website: http://www.irs.gov/formspubs/index.html?portlet=3.
However, be aware that if you try to rely upon an IRS Publication for support
for a position you have taken, the IRS and courts may take the view that an IRS
Publication will not provide that support. In general, better sources will be
found in certain other legal references, such as statutes, certain regulations,
and, in some cases, court opinions.
In addition to the reliance concern, be sure to pay attention to the publication date on the IRS Publication and keep in mind that subsequent changes in the law might not be reflected in the guidance.
In my BenefitsLink 401(k) Q&A column, I recently addressed a question which provides more information about the potential pitfalls of relying upon "IRS Publications." Here is the link to the Q&A: http://benefitslink.com/modperl/qa.cgi?db=qa_401k&id=76
This FYI is not legal advice. Individuals should seek advice based on their particular circumstances from their own counsel. Nothing in this FYI is intended to be used, and no information can be used, for the purpose of avoiding penalties under the Internal Revenue Code, or promoting, marketing, or recommending to another party any transaction or matter addressed in this FYI.
If you have any questions or need assistance, please contact Cindy Van Bogaert at (608) 281-7543 or Email.
Would you like to have FYI: Employee Benefits Update sent directly to your e-mail inbox? If so, please send your request, with e-mail address, to Cindy Van Bogaert at Email.