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.

Taxes, Venture Analysis, Discipline, Business enterprises, Control, Tax policy, Tax evasion, United States. Internal Revenue Service

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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.

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