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Listed transaction

Final material advisor list penalty reg somewhat less harsh than earlier proposed reg

Final material advisor list penalty reg somewhat less harsh than earlier proposed reg

T.D. 9764, 04/27/2016; Reg. § 301.6708-1 IRS has issued a final reg on the Code Sec. 6708 penalty for material advisors’ failure to make available upon IRS’s request lists of advisees with respect to reportable transactions. The final reg makes a number of changes to the proposed reg, most of which will somewhat lessen the […]

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Court of Appeals affirms – corporation’s welfare benefit fund was a listed transaction

Court of Appeals affirms – corporation’s welfare benefit fund was a listed transaction

Vee’s Marketing, Inc., (CA7 3/14/2016) 117 AFTR 2d ¶2016-512 The Court of Appeals for the Seventh Circuit, affirming a district court opinion, has held that an S corporation participated in a 10-or-more employer welfare benefit fund that was the same as or substantially similar to the arrangement described in Notice 95-34, 1995-1 CB 309, a […]

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IRS changes date used in identifying transactions same as or similar to basket transactions

IRS changes date used in identifying transactions same as or similar to basket transactions

Notice 2015-73, 2015-46 IRB; Notice 2015-74, 2015-46 IRB IRS has amended and re-issued two recently released Notices on “basket option contracts” and “basket contracts” — two types of structured financial transactions that IRS has respectively determined are, or have the potential to be used as, tax avoidance transactions. Both Notices stated that, to be considered […]

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IRS explains how to apply accuracy related penalty to undisclosed listed transaction

IRS explains how to apply accuracy related penalty to undisclosed listed transaction

Program Manager Technical Advice 2015-11 Click here for Program Managers Technical Advice 2015-11. In legal advice issued to program managers (PMTA), IRS has explained how to apply the 30% accuracy-related penalty under Code Sec. 6662A(c), to taxpayers who didn’t disclose participation in a listed transaction that used cash value life insurance policies to provide welfare […]

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IRS provides more time for basket option contract and basket contract disclosures

IRS provides more time for basket option contract and basket contract disclosures

Notice 2015-47, 2015-30 IRB, Notice 2015-48, 2015-30 IRB IRS has amended two recently-issued notices that classify “basket option contracts” and “basket contracts” as types of reportable transactions. The amendments create a transition rule that allows more time for making reportable transaction disclosures with respect to those contracts. Background. Under Code Sec. 6011 and its regs, taxpayers […]

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Court says reportable transaction reg is irrelevant to applying statute of limitations

Court says reportable transaction reg is irrelevant to applying statute of limitations

May, (DC AZ 6/15/2015) 115 AFTR 2d ¶ 2015-827 A district court has criticized portions of Reg. § 1.6011-4, the reg requiring disclosure of reportable transactions, as being tautological, and has said they are irrelevant to whether the statute of limitations (SOL) for assessing the listed transaction penalty applies. It also found that the taxpayer’s […]

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District Court: S corporation’s welfare benefit fund was a tax avoidance transaction

District Court: S corporation’s welfare benefit fund was a tax avoidance transaction

Vee’s Marketing, Inc., (DC WI 5/21/2015) 114 AFTR 2d ¶ 2015-756 A district court has held that an S corporation participated in a 10-or-more employer welfare benefit fund that was the same or substantially similar to the arrangement described in Notice 95-34, 1995-1 CB 309; that notice requires taxpayers to file a disclosure form if […]

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IRS issues final regs on extended limitations period for unreported listed transactions

IRS issues final regs on extended limitations period for unreported listed transactions

T.D. 9718, 03/30/2015, Reg. § 301.6501(c)-1   IRS has issued final regs on the exception to the general 3-year period of limitations on assessment under Code Sec. 6501(c)(10) for listed transactions that a taxpayer fails to disclose under Code Sec. 6011. A listed transaction is described in Reg. § 1.6011-4(b)(2) as a transaction that is […]

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Notice 95-34, on welfare benefit deductions, is listed transaction “published guidance”

Notice 95-34, on welfare benefit deductions, is listed transaction “published guidance”

Vee’s Marketing, Inc., (DC WI 10/10/2014) 114 AFTR 2d ¶ 2014-5341   A district court has held that Notice 95-34, 1995-1 CB 309 is “published guidance” for purposes of the rules that require taxpayers to file a disclosure form if they participate in a listed transaction, i.e., a transaction that is identified by IRS in […]

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Tax Court: reportable transactions penalty based on tax shown on original return

Tax Court: reportable transactions penalty based on tax shown on original return

Yari, (2014) 143 TC No. 7 The Tax Court, in a case of first impression, has determined that the reportable transactions penalty under Code Sec. 6707A is calculated in reference to the amount of tax shown on the return on which the taxpayer was obliged but failed to disclose the reportable transaction, rejecting the taxpayer’s […]

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Meet Paul Raymond

Meet Paul Raymond

Mr. Raymond is a sought after speaker in tax controversy law by many attorney, accountant, and business groups and at the request of the Internal Revenue Service, has presented programs at the IRS Nationwide Tax Forum, attended by tax professionals throughout the United States.

Additionally, he continues to be an active member in the Section of Taxation, American Bar Association, where he was the Past Chair of the Employment Taxes Committee.

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Member CA Bar Member Orange County Bar US Tax Court Attorney