Interest and Penalty Suspension Provisions Under Section 6404(g) of the Internal Revenue Code

Summary

The Internal Revenue Service has released final regulations under Section 6404(g)(2)(E) of the Internal Revenue Code, suspending interest and penalties for taxpayers involved in listed transactions or undisclosed reportable transactions. The new rules reflect changes made by several tax reform acts, including the 1998, 2004, 2005, 2006, and 2007 laws.