As the Internal Revenue Service continues to labor to finalize Circular 230 on the requirements for tax shelter opinions and when they may be relied on, a recent court decision may have already done a significant portion of its work.
The court not only rejected the taxpayer's reliance on a tax shelter opinion, but also gave the government the 40 percent penalty that it requested for such misplaced trust.
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
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access