BNET Business Dictionary
Business Definition for: Abusive Tax Shelter
- a tax shelter that somebody claims illegally to avoid or minimize tax
Additional Resources
- IRS launches web section on abusive tax shelter schemes involving employee retirement plans
- As part of its effort to combat abusive tax shelter schemes and transactions, the IRS launched a new section on IRS.gov containing important information about abusive schemes involving employee retirement plans. The site is intended to warn promoters and plan professionals about the consequences of participating in such schemes. ...
- Research articles 2004-03-01
- An overview of California's 2003 tax shelter and abusive tax shelter legislation
- In the fall of 2003, the California Legislature passed, and Governor Gray Davis signed, Senate Bill 614 (1) and Assembly Bill 1601. (2) As characterized by the California Franchise Tax Board, "[n]ew California law authorizes the Franchise Tax Board to aggressively combat abusive tax shelters and transactions by adding substantial...
- Research articles 2004-01-01
- Coverage strikeout for tax shelter loss spurs legal dispute.(News)
- Byline: DOUGLAS McLEOD SAN DIEGO-A leading sports memorabilia company facing more than $50 million in tax liabilities from its use of an allegedly abusive KPMG L.L.P. tax shelter is suing a unit of American International Group Inc. to recover unde Byline: DOUGLAS McLEOD...
- Research articles 2005-10-24
- New Tax Shelter Reporting Requirements :What Borrowers And M&A Parties Must Know
- The Internal Revenue Service ("IRS"), in an effort to curtail the promotion and implementation of tax shelters and other "potentially abusive transactions," recently issued a series of regulations requiring identifying and reporting on their federal income tax returns, certain transactions that the taxpayer participated in during the year. These regulations...
- White papers 2003-08-01
- Franchise Tax Board Says Deadline Looming for California Tax Shelter Resolution Initiative; Taxpayers Stand to Save Millions
- SACRAMENTO, Calif. -- The Franchise Tax Board FTB is reminding taxpayers and tax professionals that April 3, 2006, is the last day to apply for the California Tax Shelter Resolution Initiative. The initiative was announced in FTB Notice 2006-1 and follows the IRS tax shelter settlement initiative as outlined in...
- Research articles 2006-03-20
- Recent Developments in the Tax Shelter Area.
- The ongoing enforcement effort against abusive tax shelters has taken several turns in the past few months. Taxpayers and practitioners who have shelter issues need to be aware of a number of recent developments. Legislative Developments. First, as of this date (mid-November) anti-tax shelter legislation appears to have...
- Research articles 2003-12-22
- Crackdown on abusive tax shelters.
- The crackdown continues on companies using abusive tax shelters: IRS examiners will routinely request tax work papers from firms in shady deals...internal audit documents noting aggressive tax positions. In the past, IRS would ask for work papers only in unusual circumstances. If shelter is...
- Research articles 2002-06-21
- Abusive tax transactions involving exempt organizations.
- The tax-exempt sector has faced increased scrutiny in recent years as it has grown in size and complexity. Exempt organizations are being watched closely by the IRS, Federal and state legislators, the press and the public. A key concern in the aftermath of high-profile tax-shelter controversies...
- Research articles 2006-05-01
- Tax Watch: New battle lines drawn in tax shelter wars.(News)
- Byline: Mark Battersby The war on abusive tax shelters continues to be waged on several fronts by many players. Senate Finance Committee Chairman Charles E. Grassley, R-Iowa, and Sen. Max Baucus, D-Mont., the committee's ranking minority...
- Research articles 2004-03-29
- Treasury department issues final tax shelter regulations
- The new Treasury Department regulations require all taxpayers participating in a reportable transaction to attach a disclosure statement.In any business transaction that is pursued for tax purposes, be aware that the U.S. Treasury Department issued a new set of regulations on Feb. 28, 2003. As part of its efforts to...
- Research articles 2003-07-01
- IRS Tax Shelter Regulations
- "The Internal Revenue Service recently issued final tax shelter regulations. The regulations Require that a "reportable transaction" must be disclosed to the IRS, and generally included on a list. The IRS intends to use these reporting requirements as a means of identifying potentially abusive tax shelters. The regulations...
- White papers 2003-08-05
- IRS tightens abusive tax shelter settlement terms
- Tightened guidelines may make it more difficult for taxpayers involved in abusive transactions to settle with the IRS. In September, the IRS Appeals Division and the Large and Mid-Size Business Division began sending letters to taxpayers involved in three abusive transactions, advising them that the settlement terms available to...
- Research articles 2004-11-01
- Financial statement disclosure of corporate tax shelters
- Opening up to the light IN BRIEF Abusive Tax Shelter Disclosure and Control While most of the controversy surrounding corporate tax shelters deals with issues of registration, listing, and disclosure of shelters for tax purposes, the disclosure of corporate tax shelters in a company's financial...
- Research articles 2002-06-01
- New Rules for Reporting Book-Tax Differences
- Over the last several years, the IRS has promulgated extensive new regulations requiring taxpayers to disclose "reportable transactions," in an effort to curb abusive tax shelter activity. One area targeted by the IRS has been transactions that produce a significant book-tax difference. A significant book-tax difference exists if the treatment...
- Research articles 2005-05-01
- New York State Enacts Tax Shelter Legislation
- New York has become the third state to enact legislation aimed at curbing abusive tax transactions. According to the legislation taxpayers must disclose reportable transactions, listed transactions and New York Reportable Transactions with their New York State tax returns. The penalty for failure to disclose ranges from $10,000 to $50,000....
- White papers 2005-04-27
- Modified penalty for failing to maintain investor lists.
- An organizer or seller of a potentially abusive tax shelter must maintain a list identifying each person who was sold an interest in a shelter for which registration was required under Sec. 6111. Recently issued regulations under Sec. 6112, which out An organizer or seller of...
- Research articles 2005-01-01
- IRS offers deal to 'Son of boss' participants
- IRS OFFERS DEAL TO 'SON OF BOSS' PARTICIPANTS: As part of its efforts to curb tax shelters, the Internal Revenue Service is urging taxpayers who invested in an abusive tax shelter known as "Son of BOSS" to accept a settlement offer--or face more sev IRS...
- Research articles 2004-06-07
- New Tax Shelter Reporting Requirements May Apply To Non-Abusive Transactions - What Borrowers And M&A Parties Must Know.
- The Internal Revenue Service ("IRS"), in an effort to curtail the promotion and implementation of tax shelters and other "potentially abusive transactions," recently issued a series of regulations requiring taxpayers (broadly defined to include corporatio The Internal Revenue Service ("IRS"), in an effort to curtail...
- Research articles 2003-09-03
- No refuge: tax shelters come under increased scrutiny
- Entrepreneurs should be wary of the new tax shelter-reporting requirements lurking in the American Jobs Creation Act of 2004. Proliferation of abusive shelters led Congress to strengthen the law by imposing stiff penalties for taxpayers who fail to follow the rules or who incorrectly report shelter activities. Under the...
- Research articles 2005-10-01
- New York's Tax Attack
- In a move to boost tax revenue, New York State lawmakers have enacted far-reaching legislation to identify and curb abusive tax transactions. The new law, part of the budget legislation signed by Gov. Pataki on April 12, makes New York only the third state, after California and Illinois, to...
- White papers 2005-05-31
