7525(b), there is an exception to the privilege for communications regarding tax shelter
It is my experience--including that of the recent tax shelter
initiatives--the Service also recognizes and supports our Appeals mission and our need to be independent.
It must stay out of the tax shelter
business and agree to restrictions on its tax practice.
30 /PRNewswire/ -- Tax professionals who have assisted taxpayers in the use of tax shelters
to avoid paying taxes and persons who have participated in the tax shelter
transactions since 2001 are running out of time to report the transactions and amend their tax returns.
IRC section 6662 defines tax shelter
as any partnership, entity, plan or arrangement that has as its significant purpose the avoidance or evasion of federal income tax.
To contribute to the discussion surrounding these changes, GAO's objectives were to determine (1) according to Internal Revenue Service (IRS) data, how many Fortune 500 companies obtained tax shelter
services from their auditor; (2) according to IRS data, in how many Fortune 500 companies did the auditor provide the services to individual company officers or directors; and (3) whether selected Fortune 500 case study companies changed how they obtain tax services from their auditor in recent years.
Both bills also include revenue offsets, including new tax shelter
penalties and a host of other provisions that address perceived tax abuses.
An IRS report on trends seen in tax shelter
activity; issue identification, legal guidance and analysis of shelters; and a review of current IRS tax shelter
regulation and compliance strategies were covered in the Web cast.
A tax shelter
does just what the term implies -- it shelters your other income from income tax.
Also in 1999, the Tax Court found sufficient facts to indicate that Compaq Computer engaged in an abusive tax shelter
transaction (Luscombe, 1999).
The 100 per cent tax shelter
stimulated production and the following two years saw a resurgence of feature filmmaking.
The report, in the magazine's March issue, called one tax shelter
"abusive," a term used by the Internal Revenue Service to describe deals of dubious value.