EP Abusive Tax Transactions

Abusive Tax Transactions

The IRS is engaged in extensive efforts to curb Abusive Tax Transactions schemes.

The Tax Exempt and Government Entities Division of the IRS participates in this IRS-wide effort. It’s done by devoting substantial resources to the identification, analysis, and examination of abusive tax shelter schemes.

• Listed Transactions – Background
• Employee Plans Listed Transactions
• How Abusive Transactions Impact Availability of EPCRS
• Report an Abusive Transaction Involving a Retirement Plan
• Additional Resources

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Listed Transactions – Background

 The IRS finalized regulations on abusive tax shelters. The regulations are that a taxpayer must disclose certain transactions, known as “listed transactions”. This is done by filing a disclosure statement (Form 8886 and instructions) with its tax return.

Form 8886-T and instructions should be used by tax-exempt entities in disclosing this information. The instructions include an explanation of the penalties if there is a failure to disclose a reportable transaction.

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