Touted as one of the most substantial overhauls of the Internal Revenue Code in years, the American Jobs Creation Act of 2004, Pub. L. No. 108-357, was signed by the President on Oct. 22, 2004.
Tax Shelters: New IRS Disclosure Requirements Carry Serious Penalties
Touted as one of the most substantial overhauls of the Internal Revenue Code in years, the American Jobs Creation Act of 2004 was signed by the President on Oct. 22, 2004. Like any number of omnibus Congressional tax bills, the "Jobs Act" is a broad-reaching collection of miscellaneous tax provisions. <br/>Title VIII of the Act, in Subtitle B ' "Provisions Relating to Tax Shelters," contains new provisions that limit the benefits of tax shelters. Among these new provisions are requirements that govern how certain transactions must be reported to the IRS. While reporting rules existed prior to the Jobs Act, these new requirements carry substantial penalties to encourage compliance and curb participation in abusive tax shelters.
By
Thomas C. Welshonce And Julie E. McGuireThis premium content is locked for Accounting and Financial Planning for Law Firms subscribers only
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