Initiatives Curbing Abusive Tax Avoidance Transactions
Aug. |
Requirements for Disclosing Reportable Transactions and Maintaining Lists Final Regulations for disclosure of reportable transactions for taxpayers and material advisors and maintaining lists have been updated to reflect changes made by the American Jobs Creation Act. A new category of reportable transactions, known as “transactions of interest”, has been added to the list of transactions that is required to be disclosed. These transactions may have a potential for tax avoidance or evasion, but for which the IRS lacks enough information to determine if they should be identified specifically as a tax avoidance transaction. The “Brief Asset Holding Period” category of reportable transactions was removed. |
Feb. 2006 |
IRS Announces “Dirty Dozen” Tax Scams for 2006 The annual tally of some of the most notorious tax scams, along with an alert for taxpayers in the 2006 filing season to watch out for schemes that promise to reduce or eliminate taxes. |
Oct. 2005 |
IRS Launches Abusive Transaction Settlement Initiative For a limited-in-time, taxpayers can come forward and settle -- as part of a global initiative -- an array of transactions the IRS considers abusive. |
Aug. 2005 |
KPMG to Pay $456 Million for Criminal Violations KPMG LLP has admitted to criminal wrongdoing and agreed to pay $456 million in fines, restitution and penalties as part of an agreement to defer prosecution of the firm, the Justice Department and the Internal Revenue Service announced. |
July 2005 |
Robust Response for Executive Stock Option Initiative; Son of Boss Settlement Heading for $4 Billion The executive stock option settlement initiative produced a strong turnout. The initiative provided corporate executives and their companies a means to resolve an abusive tax transaction involving the transfer of stock options to family controlled partnerships. |
March 2005 |
IRS Collects $3.2 Billion from Son of Boss Taxpayers participating in the Son of Boss tax shelter settlement have so far paid in more than $3.2 billion, a figure that should top $3.5 billion when the project concludes in coming months. |
Feb. 2005 |
Settlement Offer Extended for Executive Stock Option Scheme |
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Archive of Initiatives Curbing Abusive Tax Avoidance Transactions