The IRS code on prohibited transactions precludes such an activity by an owner. This would mean providing a service and receiving a benefit from your plan or account to which you are not entitled, and are specifically prohibited. There are specific rules regarding ownership and what is a party in interest transaction, and who may or may not provide such services.

There are private letter rulings which have been obtained in the past permitting latitude under certain circumstances. Private letter rulings may be obtained by application to the IRS.

There are specific rules regarding taxation of prohibited transactions, which include a 100% tax if a prohibited transaction is not corrected in a taxable period, and a 15% tax on the amount of the prohibited transaction. Additional rules apply to IRAs established by employers, which disqualify the entire IRA. See IRS code section 4975 for more information.

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