IRS Narrows Definition of "Reportable Transactions" Subject to Mandatory Disclosure and List-Maintenance Rules
January 30, 2006 — 871 views
Taxpayers that participate in a reportable transaction must disclose such transaction to the Internal Revenue Service. Material advisors with respect to a reportable transaction must also disclose such transaction to the IRS and, in addition, maintain a list of investors that must be furnished to the IRS upon request. Substantial penalties apply both to taxpayers and material advisors for noncompliance.
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