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New Legislation Terminates IRS Interest Suspension for Reportable and Listed Transactions |
September 5, 2005
Previously published on October 2004
Congress recently passed the American Jobs Creation Act of 2004 (the "Act") which includes a provision that terminates interest suspension for reportable and listed transactions. This provision became effective October 22, 2004 when President Bush signed the bill. The new rules affect reportable and listed transactions that were entered into during, after and prior to the 2004 taxable year. For transactions entered into prior to 2004, interest on unpaid taxes will begin accruing after October 3, 2004.
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The views expressed in this article are solely the views of the author and not Martindale-Hubbell. This article is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. |
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