Washington (Jan. 2, 2003) -- New proposed rules will limit the penalty defenses for transactions that taxpayers fail to disclose on their returns.

"We are raising the stakes for taxpayers who fail to disclose potentially abusive transactions to the IRS," said Treasury Assistant Secretary for Tax Policy Pam Olson. "Taxpayers who choose to hide their transactions from the IRS will lose their ability to rely on a tax opinion as a penalty defense."

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