Author: Todd C. Simmens
Publisher:
ISBN: 9781558717190
Category : Tax accounting
Languages : en
Pages :
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Book Description
"... provides an in-depth discussion of the reportable transaction rules under Regs. [section] 1.6011-4 as well as the associated penalties for noncompliance. The portfolio begins with a historical look at the developments leading to the introduction of the first reportable transaction regime in 2000. The portfolio then provides a detailed analysis of the rules under the reportable transaction rules as they existed in 2000 and, more specifically, an in-depth discussion of the rules as finally adopted and amended in 2003 and 2007, as well as the penalties for non-compliance. The portfolio then discusses the "registration" and "list maintenance" rules under [sections] 6111 and 6112 as they existed both before and after the enactment of the American Jobs Creation Act of 2004, as well as the penalties for non-compliance. Finally, the portfolio provides an overview of the various states that have also enacted a reportable transaction regime. "
Author: Jonathan G. Blattmachr
Publisher: Practising Law Inst
ISBN: 9781402407543
Category : Law
Languages : en
Pages : 871
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Book Description
The Circular 230 Deskbook from PLI helps tax practitioners comply with complex Circular 230 amendments more easily-- and avoid costly penalties and sanctions.
Author: Megan L. Brackney
Publisher:
ISBN:
Category :
Languages : en
Pages : 23
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Book Description
The Internal Revenue Code requires “material advisors” to disclose “reportable transactions,” which include certain transactions generating large losses, and to retain and produce a list of individuals whom they advise with respect to these transactions. The disclosure and recordkeeping requirements were intended to enhance the ability of the Internal Revenue Service (“IRS) to review and audit abusive transactions. The loss transaction category of reportable transactions generates the vast majority of disclosures, but these transactions are rarely abusive. This article explains the disclosure and list maintenance rules for reportable transactions, as well as the penalties for failure to comply with these requirements, and the general definition of “reportable transaction” and the loss transaction category, specifically. The article then discusses the challenges of compliance with the reportable transaction rules and argues that the reportable loss transaction category should be significantly revised.
Author: Todd C. Simmens
Publisher:
ISBN: 9781633592322
Category : Tax accounting
Languages : en
Pages :
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Book Description
Author: Megan L. Brackney
Publisher:
ISBN:
Category :
Languages : en
Pages : 5
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Book Description
Practitioners who are “material advisors” with respect to “reportable transactions,” are required to report to the IRS, and to maintain information about, those transactions, and are subject to onerous penalties if they fail to comply. The definition of a “material advisor” is complex, and it is helpful to break it down into its components. However, if there is any question as to whether you are a material advisor, rather than parsing these definitions, and potentially ending up on the losing side of the argument with the IRS years down the road, consider protectively filing the required reports and maintaining lists.
Author: United States. Internal Revenue Service
Publisher:
ISBN:
Category : Tax administration and procedure
Languages : en
Pages : 20
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Book Description
Author: Carol A. Kassem
Publisher:
ISBN: 9781558719668
Category : Withholding tax
Languages : en
Pages :
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Book Description
... discusses payments and transactions reportable on Forms 1098 and 1099 that are not subject to backup withholding under [section] 3406. This group of forms includes those that are used to report a variety of transactions associated with the lending of money, as well as other transactions that may be significant for tax purposes. The Portfolio also covers reporting requirements applicable to large cash transactions of $10,000 or more. Guidelines for filing information returns electronically are discussed in detail.
Author: United States. Internal Revenue Service
Publisher:
ISBN:
Category : Tax returns
Languages : en
Pages : 48
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Book Description
Author: Megan L. Brackney
Publisher:
ISBN:
Category :
Languages : en
Pages : 6
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Book Description
The Internal Revenue Code's reporting requirements for loss transactions can be confusing, particularly when dealing with pass-through entities, where individual partners or members may have different reporting requirements and the reporting of the individual partners or members may be different from that of the entity. Since the penalties for failure to report these transactions are severe for both the taxpayers and the advisors, it is important that these rules be applied with precision. This article discusses the loss category of reportable transactions, Internal Revenue Service guidance for partnerships and partners reporting losses, and the penalties for failure to disclose as required by Treasury Regulations.
Author:
Publisher:
ISBN:
Category : Income tax
Languages : en
Pages : 848
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Book Description
