Discussion:1120 Audit - Document Request - Listed Transactions

From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.

From TaxAlmanac

Jump to: navigation, search

Discussion Forum Index --> Tax Questions --> 1120 Audit - Document Request - Listed Transactions


Haident (talk|edits) said:

22 November 2005
Is it standard procedure for an examiner to include in the initial document requests for an 1120 audit a synopsis of "listed transactions" (abusive tax shelters and avoidance activities) that the taxpayer must acknowledge, and presumably either deny or disclose any direct or indirect praticipation in those listed transactions or any substantially similar transations? Or does this rquest indicate that the service suspects that the taxpayer has been involved in something along these lines?

PGattoCPA (talk|edits) said:

22 November 2005
As I understand it, the new IRS examination guidelines call for one of the first, if not the first, IDR to be the request for listed transaction information.

Haident (talk|edits) said:

23 November 2005
Do you have specific IRS pub reference?

DZCPA (talk|edits) said:

25 November 2005
The IRS can ask almost anything they want regarding the tax returns.

To join in on this discussion, you must first log in.
Personal tools