Small-Business Owners Fret Over Large IRS Fines
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Small-Business Owners Fret Over Large IRS Fines

By Laura Saunders
Five years ago, car-wash owner Orman Wilson set up a pension plan for himself and six employees. For that, he may owe the IRS a $1.2 million tax penalty.
Mr. Wilson, the owner of 19 coin-operated car washes in Houston, says he relied on four advisers, including a certified public accountant, to set up a plan that received approval from the Internal Revenue Service. Then, in late 2007, the IRS found fault with the plan and assessed it $250,000 — plus special penalties of $1.2 million.
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