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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: 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: 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: United States
Publisher:
ISBN:
Category : Law
Languages : en
Pages : 1506
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Book Description
"The United States Code is the official codification of the general and permanent laws of the United States of America. The Code was first published in 1926, and a new edition of the code has been published every six years since 1934. The 2012 edition of the Code incorporates laws enacted through the One Hundred Twelfth Congress, Second Session, the last of which was signed by the President on January 15, 2013. It does not include laws of the One Hundred Thirteenth Congress, First Session, enacted between January 2, 2013, the date it convened, and January 15, 2013. By statutory authority this edition may be cited "U.S.C. 2012 ed." As adopted in 1926, the Code established prima facie the general and permanent laws of the United States. The underlying statutes reprinted in the Code remained in effect and controlled over the Code in case of any discrepancy. In 1947, Congress began enacting individual titles of the Code into positive law. When a title is enacted into positive law, the underlying statutes are repealed and the title then becomes legal evidence of the law. Currently, 26 of the 51 titles in the Code have been so enacted. These are identified in the table of titles near the beginning of each volume. The Law Revision Counsel of the House of Representatives continues to prepare legislation pursuant to 2 U.S.C. 285b to enact the remainder of the Code, on a title-by-title basis, into positive law. The 2012 edition of the Code was prepared and published under the supervision of Ralph V. Seep, Law Revision Counsel. Grateful acknowledgment is made of the contributions by all who helped in this work, particularly the staffs of the Office of the Law Revision Counsel and the Government Printing Office"--Preface.
Author: Donald A. Frederick
Publisher:
ISBN:
Category : Agricultural industries
Languages : en
Pages : 108
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Book Description
Author: United States. Internal Revenue Service
Publisher:
ISBN:
Category : Tax returns
Languages : en
Pages : 48
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Author: United States. Congress
Publisher:
ISBN:
Category : Business enterprises
Languages : en
Pages :
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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:
Publisher:
ISBN:
Category : Income tax
Languages : en
Pages : 12
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Author: American Bar Association. House of Delegates
Publisher: American Bar Association
ISBN: 9781590318737
Category : Law
Languages : en
Pages : 216
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Book Description
The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.
Author:
Publisher:
ISBN:
Category : Electronic government information
Languages : en
Pages : 62
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Book Description
