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Initiatives Curbing Abusive Tax Avoidance Transactions

Aug.
2007

Requirements for Disclosing Reportable Transactions and Maintaining Lists

Final Regulations for disclosure of reportable transactions for taxpayers and material advisors and maintaining lists have been updated to reflect changes made by the American Jobs Creation Act. A new category of reportable transactions, known as “transactions of interest”, has been added to the list of transactions that is required to be disclosed. These transactions may have a potential for tax avoidance or evasion, but for which the IRS lacks enough information to determine if they should be identified specifically as a tax avoidance transaction. The “Brief Asset Holding Period” category of reportable transactions was removed.

TD 9350
TD 9351
TD 9352

 

Feb. 2006

IRS Announces “Dirty Dozen” Tax Scams for 2006

The annual tally of some of the most notorious tax scams, along with an alert for taxpayers in the 2006 filing season to watch out for schemes that promise to reduce or eliminate taxes.

News Release 2006-25

 

Oct. 2005

IRS Launches Abusive Transaction Settlement Initiative

For a limited-in-time, taxpayers can come forward and settle -- as part of a global initiative -- an array of transactions the IRS considers abusive.

News Release 2005-129

 

Aug. 2005

 KPMG to Pay $456 Million for Criminal Violations

KPMG LLP has admitted to criminal wrongdoing and agreed to pay $456 million in fines, restitution and penalties as part of an agreement to defer prosecution of the firm, the Justice Department and the Internal Revenue Service announced.

News Release 2005-83

 

July 2005

Robust Response for Executive Stock Option Initiative; Son of Boss Settlement Heading for $4 Billion

The executive stock option settlement initiative produced a strong turnout. The initiative provided corporate executives and their companies a means to resolve an abusive tax transaction involving the transfer of stock options to family controlled partnerships.

News Release 2005-72

 

March 2005

IRS Collects $3.2 Billion from Son of Boss

Taxpayers participating in the Son of Boss tax shelter settlement have so far paid in more than $3.2 billion, a figure that should top $3.5 billion when the project concludes in coming months.

News Release 2005-37

 

Feb. 2005

Settlement Offer Extended for Executive Stock Option Scheme

Executives and companies participanting in abusive tax avoidance transaction involving the transfer of stock options or restricted stock to family controlled entities are encouraged to participate in a settlement initiative.

News Release 2005-17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Archive of Initiatives Curbing Abusive Tax Avoidance Transactions

Page Last Reviewed or Updated: 17-Apr-2014