BNET Business Dictionary
Business Definition for: Tax Shelter
- a financial arrangement designed to reduce tax liability.
- See also Abusive Tax Shelter
Additional Resources
- Many in illegal tax shelter turn selves in
- More than 1,500 taxpayers who participated in a widely used tax shelter have turned themselves in, handing over millions of dollars in back taxes and penalties, the IRS said Thursday. The taxpayers had invested in a tax shelter known as "Son of Boss," a scheme designed to create artificial...
- Research articles 2004-07-02
- 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
- Tax Watch: IRS shutting down yet another tax shelter.(News)
- Byline: Mark Battersby In an effort to shut down a new tax shelter, the Internal Revenue Service is informing investors that they will not be able to use so-called common-trust funds to reduce their tax bills. ...
- Research articles 2003-08-04
- Tax Watch: Court lets sun shine on tax shelter investors.(News)
- Byline: Mark Battersby A U.S. District Court in North Carolina recently denied injunctive relief to tax shelter investors seeking to prevent a bank from turning over investor lists. The court ruled that the law firm that promoted the shelter lacked an...
- Research articles 2003-07-28
- Proposed IRS tax shelter regulations pose problems. (Tax Practice: the special report on news and trends for the tax professional).
- The newly revised proposed and temporary regulations governing tax shelter disclosure and registration, which went into effect on Jan. 1, 2003, cover a broader range of taxpayers than the old regulations, and could pose special problems for smaller The newly revised proposed and temporary...
- Research articles 2003-01-06
- 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
- What the US war on tax shelter transactions means.
- Sep 23, 2003 (International Tax Review - ABIX via COMTEX) The US Internal Revenue Service IRS is using new ways to identify tax shelter transactions. These transactions are promoted to the taxpayer by either an accounting firm, financial institution, law firm or other service...
- Research articles 2003-09-24
- Shelter from the storm: New IRS tax shelter regs take a closer look at transactions
- When you say "tax shelter" to a real estate professional, the reaction is usually one of dismay followed by a complaint about the Tax Reform Act of 1986, with its passive loss rules, depreciation changes, partnership limitations and adverse capital gains increases. During the closing years of the Clinton administration...
- Research articles 2003-05-01
- Interpretative theory and tax shelter regulation
- I. INTRODUCTION The practice of tax law is fundamentally the practice of statutory interpretation. For the most part, though, the scholarly tax community has been relatively indifferent to the work of our colleagues who teach and write in the realm of interpretative theory. (1) One area in which this...
- Research articles 2006-09-22
- How Ernst provided tax shelter to many.
- Jul 10, 2003 (The Asian Wall Street Journal - ABIX via COMTEX) A tax shelter once suggested by accounting firm Ernst & Young appears to have caused problems. The Ernst & Young-recommended taxation shelter was used by executives at US telco, Sprint Corporation. This...
- Research articles 2003-07-10
- Final tax shelter regulations fine-tune IRS counterattack. (Tax Strategy).
- After a series of proposed and temporary regulations going back to February 2000, the Internal Revenue Service has now issued final regulations on tax shelter disclosure and list maintenance requirements. Issued at the same time were two revenue pro After a series of proposed and...
- Research articles 2003-04-07
- U.S. to seek indictments in KPMG tax shelter case.(Tax Watch)
- Byline: Mark Battersby After a lengthy grand jury investigation of KPMG LLP's tax shelter practice, the U.S. attorney's office in Manhattan reportedly has informed 20 former partners of the New York-based accounting firm that federal prosecut Byline: Mark...
- Research articles 2005-08-22
- California Follows IRS Tax Shelter Initiative
- SACRAMENTO, Calif. -- The Franchise Tax Board FTB today issued FTB Notice 2006-1, announcing that it will follow the IRS tax shelter settlement initiative as outlined in IRS Announcement 2005-80, effectively creating the California Tax Shelter Resolution Initiative to run alongside the federal initiative.
- Research articles 2006-01-11
- FTB follows IRS tax shelter initiative
- The Franchise Tax Board will follow the IRS tax shelter settlement initiative as outlined in IRS Announcement 2005-80, effectively creating the California Tax Shelter Resolution Initiative to run alongside the federal initiative.
- Research articles 2006-03-01
- IRS releases final Circular 230 regulation amendments; tax-shelter related amendments to be issued later
- The Internal Revenue Service has published final regulations regarding amendments to Circular 230 involving non-tax-shelter related practice before the IRS. The IRS is expected to re-propose over the next few months amendments to Circular 230 involving The Internal Revenue Service has published final regulations regarding amendments to Circular 230 involving...
- Research articles 2002-11-01
- Anti-Tax Shelter Provisions of American Jobs Creation Act of 2004 Expand Reporting Rules for Taxpayers and Advisors, Substantially Increase Penalties for Non-Compliance and Provide IRS with Additional Sanction Authority.
- The American Jobs Creation Act of 2004 (the "Act") was signed into law by President Bush on October 22, 2004. Among many significant changes to the Internal Revenue Code (the "Code"), the Act adopts expanded anti-tax shelter reporting rules, and imp The American Jobs Creation...
- Research articles 2004-11-05
- Judicial setbacks for IRS in anti-tax shelter campaign
- Just as the Internal Revenue Service was becoming increasingly more aggressive in its settlement offers in tax shelter cases, and obtained a few additional weapons for its arsenal in the American Jobs Creation Act of 2004, a series of defeats on the Just as the...
- Research articles 2004-12-20
- Tax shelter crackdown hits law firms; Illegal schemes attract suits, IRS.(News)
- Byline: tommy fernandez The illegal tax shelter scandal, which has already roiled the accounting industry with two criminal probes and potentially hundreds of millions of dollars in liabilities, is spreading to New York law firms. In the past th Byline: tommy...
- Research articles 2004-06-14
- AICPA urges changes to Senate Finance Committee tax shelter bill
- The AICPA has urged lawmakers to make changes to a bill intended to curb tax shelter abuse. The bill, S. 2498, introduced May 10, and passed by the Senate Finance Committee in mid-June, has moved on a fast track since it was scored as a revenue raiser andThe AICPA has...
- Research articles 2002-07-01
- Congress continues to focus on tax-shelter activity.(washington insights)
- Based on a recent spurt of legislative activity, Congressional Democrats believe that corporations and wealthy individuals are sheltering taxable income from the federal government at an alarming rate. Despite evidence that tax-shelter activity is do Based on a recent spurt of legislative activity, Congressional Democrats...
- Research articles 2007-11-01
