The IRS considered these transactions to be tax shelters
CalCPA-sponsored AB 1868 (Bermudez), which would correct the practice privilege statute that went into effect January 2006, made it to the governor despite opposition that mistakenly thought the legislation could allow the sale or promotion of abusive tax shelters
to Californians with impunity.
As a result, he continued, "TEI has consistently urged the adoption of disclosure-based approaches" to stopping tax shelters
rather than codification of the economic substance test.
KPMG has avoided the fate of Arthur Andersen by admitting to criminal tax fraud over the long-simmering issue of "abusive" tax shelters
and settling with the U.
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.
In another loss for the IRS in its fight against tax shelters
, a district court sustained allocations of income to a foreign partner that did not pay U.
A popular choice among real estate investors seeking a 1031 replacement property is Tenant-in-Common (TIC) ownership, or fractional interest As a TIC owner, you have an undivided fractional interest in ,an entire property and share in your portion of the net income, tax shelters
, and appreciation.
were the subject of the Internal Revenue Service's Tax Talk Today program on Feb.
Only one of the "reportable transaction" categories targets transactions clearly perceived by the IRS as yielding "too good to be true" tax results--namely, "listed transactions" specifically identified as abusive tax shelters
in published Treasury or IRS notices.
Contributing to an RRSP may not elicit the kind of excitement that other tax shelters
do, but most of us should consider maximizing our contributions to an RRSP to be one of the most important ways of sheltering our income from tax.
In recent years, there has been a proliferation in the use of illicit tax shelters
by major U.
Money magazine found that Elizabeth Dole's two biggest tax shelters
saved her and her husband, Bob Dole, more than $298,000 in taxes between 1983 and 1994.