Washington (May 3, 2002) -- The Internal Revenue Service says its 120-day Tax Shelter Disclosure Initiative has led the disclosure of billions of dollars in claimed losses and deductions. The initiative required taxpayers to provide information about the disclosed transactions and items in return for the IRS waiving certain accuracy-related penalties.
"Hundreds of taxpayers came forward and took advantage of this opportunity to voluntarily disclose questionable tax transactions and submit the names of abusive tax shelter promoters," said IRS Commissioner of Large and Mid-Size Business, Larry Langdon. "We have agreed to work with these taxpayers to resolve their concerns as quickly and efficiently as possible. At the same time, we are beginning to go after the tax shelter promoters identified in these disclosures."
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