Washington (July 28, 2004) -- Sen. Chuck Grassley, chairman of the Committee on Finance, and Sen. Max Baucus, ranking member, will revise their anti-tax shelter legislation to make sure several hundred taxpayers who used the "Son of Boss" tax shelter don't escape paying the taxes they owe.
"The Internal Revenue Service gave Son of Boss participants a chance to come forward voluntarily," Grassley said. "A large number of them didn't come forward. They're apparently hoping that the clock will run out on the statute of limitations, and they'll get off scot-free. That would be unfair, both to the Son of Boss users who came forward and to honest taxpayers who don't buy into these schemes."
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access