Enhanced reporting penalties
Article Abstract:
The recent amendments to tax shelter provisions that are incorporated in the American Jobs Creation Act of 2004 are specifically designed to control tax avoidance by forcing disclosures on transactions eligible for tax shelters. Failure to comply with the disclosure stipulations will also entail stiff penalties. The amendments have thus strengthened the position of IRS.
Publication Name: Business Entities
Subject: Business
ISSN: 1524-3583
Year: 2005
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To foil filching from the federal FISC: A test to thwart (some) shelters
Article Abstract:
The problem of abusive shelters and the various steps of the linked tax construct (LCT) test are discussed. LTCs are only one type of abusive tax shelters, albeit a formidable group but provide much greater certainty for professionals and their clients.
Publication Name: Business Entities
Subject: Business
ISSN: 1524-3583
Year: 2004
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