Washington (April 7, 2004) – Sen. Charles Grassley, R-Iowa, chairman of the Senate Finance Committee, and Sen. Max Baucus, D-Mont., the ranking minority member, have petitioned the Internal Revenue Service and the Treasury Department to supply the names of various charities and tax-exempt organizations that have purchased tax shelter products.
The senators’ request comes on the heels of last week’s IRS release of Notice 2004-30, which identifies improper transfers of taxation from S corporations to tax-exempt entities.
Grassley and Baucus have asked the IRS to provide the committee a listing of tax-exempt entities that have participated in transactions such as those described in the IRS Notice.
-- WebCPA staff
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