![]() ![]() The minimum penalties are $5,000 for an individual and $10,000 for other taxpayers. ![]() The maximum penalty for failure to disclose any other reportable transaction is $10,000 for an individual and $50,000 for other taxpayers. The maximum penalty for each such failure to disclose a “listed transaction” on the appropriate tax return is $100,000 for an individual and $200,000 for other taxpayers. The penalty for failure to disclose a reportable transaction is 75% of the decrease in tax as a result of the transaction. Reportable transactions are divided into five categories, discussed below. There are substantial penalties that the IRS can impose for failure to disclose “reportable transactions,” that is, transactions identified by the IRS as having a potential for tax avoidance or evasion. This strategy includes guidance on abusive transactions, regulations governing tax shelters, a hotline for taxpayers to use to report abusive technical transactions, and enforcement activity against abusive tax shelter promoters and investors. ![]() The Internal Revenue Service has a comprehensive strategy in place to combat abusive tax shelters and transactions. ![]()
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