IRS, TREASURY ISSUE GUIDANCE ON NEW PENALTIES ON POTENTIALLY ABUSIVE TRANSACTIONS: The Treasury Department and the Internal Revenue Service issued interim guidance on two new penalty provisions enacted as part of the American Jobs Creation Act of 2004.
The AJCA creates a new penalty for the failure to disclose information about "reportable transactions" - transactions that the Treasury and the IRS have determined to be potentially abusive. Notice 2005-11 provides interim guidance regarding application of this penalty to taxpayers who are required to disclose reportable transactions.
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