The basic concept is presented in the example below, which illustrates the potential results of tax shelters
that were available to investors before the enactment of legislation designed to curb the use of these shelters.
6662(d)(2)(c)(ii)) that the term tax shelter
meant "any plan or arrangement whose significant purpose is to avoid or evade federal taxes" and that therefore a tax shelter
could include an individualized or one-size-fits-all plan.
Any person who organizes and sells potentially abusive tax shelters
is required to maintain a list identifying each person who purchases an interest in any such tax shelter
, along with any additional information required by the IRS.
1) The dictionary definition of tax shelters
would include interest deductions on home mortgages.
KPMG has avoided the fate of Arthur Andersen by admitting to criminal tax fraud over the long-simmering issue of "abusive" tax shelters
and settling with the U.
The rules include specific reporting requirements for disclosure of tax shelter
deductions on your personal tax return that make it easier for Revenue Canada to identify and audit tax shelter
The new regulations also apply to providers of tax shelter
The California Tax Shelter
Resolution Initiative announced in FTB Notice 2006-1 allows taxpayers who participated in the IRS Initiative to avoid most California tax shelter
penalties by participating.
The due date for Form 8886-T depends on whether the entity is a party to a prohibited tax shelter
transaction to reduce its own federal tax liability or whether it is trying to "facilitate" the transaction by reason of its tax-exempt, tax-indifferent, or tax-favored status.
The IRS "cannot simply declare, by fiat, that a fundamental right of taxpayers must be discarded in the agency's fight against tax shelters
On appeal, the clients argued that disclosing their names would violate the confidential communications they expected in the tax shelter
agreement with BDO.
The task force concluded there was no need for a new standard to address tax shelter
issues because SSTS Statement no.