• New Tax Shelter Regulations/Proposed Penalties
  • August 12, 2003
  • Law Firm: Sutherland Asbill & Brennan LLP - Washington Office
  • Under the Final Regs, any taxpayer (corporate or non-corporate) who participates in a "reportable transaction" (described below) must submit a tax return disclosure statement with respect to each such transaction. These disclosures are made on new IRS Form 8886. Among other information, the taxpayer must describe the structure and expected tax benefits of the transaction and provide the names and addresses of any involved promoters or outside tax advisors.