Penalties for Failure to Disclose Reportable Transactions
Posted: December 10, 2015 | Author: Bob Probasco | Filed under: Penalties, Regulations, State Bar of Texas, Tax Shelters | Tags: Notice and comment, Penalties, Section 6707A, Tax |
The IRS recently issued proposed regulations for the Section 6707A penalty, imposed on taxpayers who fail to make the required disclosures of “reportable transactions.” Last week, the Tax Section of the State Bar of Texas filed comments in response to those proposed regulations. Our letter was discussed in a BNA Daily Tax Report article (subscription required) Wednesday.
We normally focus on just a few specific points in our comments, rather than a longer, comprehensive response. In this instance, we questioned the definition of the base amount for calculating the penalty and also suggested a change to the factors to be considered for possible rescission of the penalty.
Penalties for Failure to Disclose Reportable Transactions
Posted: December 10, 2015 | Author: Bob Probasco | Filed under: Penalties, Regulations, State Bar of Texas, Tax Shelters | Tags: Notice and comment, Penalties, Section 6707A, Tax |Leave a commentThe IRS recently issued proposed regulations for the Section 6707A penalty, imposed on taxpayers who fail to make the required disclosures of “reportable transactions.” Last week, the Tax Section of the State Bar of Texas filed comments in response to those proposed regulations. Our letter was discussed in a BNA Daily Tax Report article (subscription required) Wednesday.
We normally focus on just a few specific points in our comments, rather than a longer, comprehensive response. In this instance, we questioned the definition of the base amount for calculating the penalty and also suggested a change to the factors to be considered for possible rescission of the penalty.
Share this: