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Article: New requirements for abusive tax shelters.(FTB News; accounting)(Brief Article)
- Article from:
- California CPA
- Article date:
- June 1, 2004
CopyrightCOPYRIGHT 2004 California Society of Certified Public Accountants. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The FTB has added regulation and reporting requirements for promoters and organizers of potentially abusive tax shelters.
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Tax professionals are now responsible to report, register and maintain investor lists for potentially abusive tax shelters if they have:
* Participated in the organization of a potentially abusive tax shelter;
* Advised a potentially abusive tax shelter;
* Provided an opinion on a potentially abusive tax shelter;
* Promoted a potentially abusive tax shelter;