The start of a New Year is a traditional time to take stock of the events of the past year to better prepare for what's coming. Taking inventory as it relates to tax law can produce many dividends.2005 proved to be no exception in getting prepared for 2006. Looking forward to 2006, here is a "Top 10" list of 2005 tax events that will have an impact on what will happen to many taxpayers in 2006.

1: IRS enforcement/anti-tax shelter initiatives. The Internal Revenue Service's aggressive campaign against tax shelters continued to rage in 2005, with investors, promoters and advisors all put on the defensive. This campaign also has caused lots of collateral damage in the general tax enforcement/collection area. While collecting billions of dollars from tax shelters, the IRS is keenly aware that much more is at stake, namely the perception of fairness in the system held by the general taxpaying public.

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