The Internal Revenue Service has issued proposed regulations that provide rules for assessing penalties against tax advisors who fail to file a true and complete tax return on a timely basis.

REG-160872-04 contains proposed regulations under Section 6707 of the Tax Code and the failure to furnish information regarding reportable transactions. The regulations implement the amendments to Section 6707 by the American Jobs Creation Act and promote material advisors’ compliance with the regulations under Section 6111. These regulations affect material advisors responsible for disclosing reportable transactions.

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