REG-160872-04 contains proposed regulations under IRC Section 6707, which provide the rules relating to the assessment of penalties against material advisors who fail to timely file a true and complete return required under IRC Section 6111(a) for reportable transactions. The regulations implement the amendments to Section 6707 by the American Jobs Creation Act and promote material advisors' compliance with the regulations under Section 6111. These regulations affect material advisors responsible for disclosing reportable transactions under section 6111.
Posted by Lewis J. Saret, General Editor, Wealth Strategies Journal.
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