Search Results for keywords:"reportable transactions"

The Internal Revenue Service (IRS) is inviting public comments on the information collection related to Treasury Decision (TD) 9764, specifically regarding Section 6708, which deals with penalties for not maintaining lists of advisees for reportable transactions. This is part of a broader initiative to reduce paperwork burdens as per the Paperwork Reduction Act of 1995. The IRS is particularly interested in feedback on the necessity, accuracy, and ways to improve the collection process. Comments, due by May 5, 2025, will become public and assist in gaining approval for the collection tools used.

The Internal Revenue Service (IRS) has finalized new rules identifying certain micro-captive insurance arrangements as either listed transactions or transactions of interest. These rules aim to increase transparency in tax reporting and discourage abusive tax practices by requiring involved parties to disclose these transactions. If a micro-captive elects certain tax benefits but also participates in financing benefiting related parties, it may qualify as a listed transaction if specific criteria are met, such as low claim activity relative to premiums. The rules, set to take effect in January 2025, include exemptions and allow participants to avoid added reporting if they make certain changes, like revoking tax elections.