Finanse publiczne · 08/03/2013

IRS Proposes Regulations on Section 6708 Penalty for Failing to Share Lists of Reportable Transactions with the IRS

The IRS has proposed new regulations that clarify the penalty for material advisors who fail to provide lists of advisees with respect to reportable transactions, as required by Section 6112 of the Internal Revenue Code. The proposed rules reflect changes made by the American Jobs Creation Act of 2004 and will be the subject of a public hearing.