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.