Treasury and IRS
Shut Down Abusive Life Insurance
Policies in Retirement Plans

Courtesy of NAEA


The Treasury Department and the IRS have issued guidance to shut down abusive transactions involving specially-designed life insurance policies in retirement plans, Section 412(i) plans. The guidance designates certain arrangements as listed transactions for tax-shelter reporting purposes.

See the Article on the IRS site.



IRS, States Move Forward
In Fight Against Abusive Tax Avoidance

IRS officials have announced that they have started sharing leads on more than 20,000 taxpayers engaged in abusive tax avoidance with tax agencies in 45 states, the District of Columbia, and New York City. The IRS also announced today the latest results of another effort to combat abusive tax avoidance, the Offshore Voluntary Compliance Initiative (OVCI). See: IRS article.


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Courtesy of NAEA
Published TaxMama.com 3.05.04