The following were originally printed in BNA Tax Management's
Real Estate Journal, a monthly journal which is part of the
BNA Tax and Accounting Center.
| Volume 24 Number 12
Wednesday, December 3, 2008
|
|
Improving Compliance Through Changes to the Return Preparer Regulations: Congressional Retraction Under the Economic Stimulus Package
by Michael J. Desmond
and Christopher Murphy*
In the late 1990s, Congress, the Treasury Department and the Internal Revenue Service (“IRS”) increased their focus on the problem of abusive tax shelters and the corrosive effect that these transactions had on compliance generally. That focus eventually led to changes in the rules requiring disclosure of potentially abusive tax transactions and was one of many factors that helped to spur a sea change in the perspective that taxpayers and their advisors had on aggressive tax planning. Although it is difficult to measure the indirect impact that these “technical tax shelters” had on compliance, estimates suggest that corporate tax shelters cost the U.S. Treasury over $10 billion annually,1 while tax shelters generally resulted in as much as $200 billion per year in lost tax revenue.2
|
More >>
|
|
Probable Income Tax Effects of New York City Cooperative-to-Condominium Conversion
by Joel E. Miller
The following is a redacted version of a memorandum prepared for a cooperative considering converting itself into a condominium. Although it describes New York law, is written for laypersons, and deals with only a very simple situation, it may be helpful as a basic review of the area. |
More >>
|
