The Internal Revenue Service has given companies 30 days to agree to a settlement to close their tax shelters.

The program is aimed at lease-in/lease-out and sale-in/lease-out transactions. Companies that agree to the settlement have until Dec. 31 to shut down their LILO and SILO transactions. If they don't, the IRS may pursue cases against them.

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

Don't have an account? Register for Free Unlimited Access