While IRS tax shelter activity steps up, taxpayers score some recent victories

Abusive transactions garnered much Congressional attention in the 2004 American Jobs Creation Act. That, in turn, could make 2005 a banner year for IRS enforcement crackdowns in this high-profile area. Practitioner penalties and sanctions are becoming tools in the IRS war on abusive shelters and disgruntled investors are looking to sue advisors who were once seen as tax geniuses.  CCH editors take a close look at some of the turbulent activity in this area in the latest issue of Tax Shelter Alert. And, despite the tough talk, there have been three recent taxpayer victories in federal court on tax shelter issues that you should know about.

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This story is from the CCH’s monthly Focus on Tax newsletter, which provides advise and guidance on federal and state tax issues for tax and accounting professionals.

Read this article from CCH’s Journal of Taxation of Financial Products.

AUTHOR

Wolters Kluwer Tax and Accounting

Wolters Kluwer Tax and Accounting is a leading provider of software solutions and local expertise that helps tax, accounting, and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed, accuracy and efficiency. Wolters Kluwer Tax and Accounting is part of Wolters Kluwer N.V. (AEX: WKL), a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide. Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).

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