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Voluntary Tax Shelter Disclosures Continue to Rise, Reports IRS WASHINGTON, June 12, 2002 In a Tax Talk Today Webcast that aired yesterday, the Internal Revenue Service reported that at the agency's last count this month, tax shelter disclosures processed by the IRS have nearly tripled. Over 1,600 voluntary disclosures made by 1,180 individuals has resulted in more than $30 billion in claimed losses and deductions. As of May 1, 2002, the IRS had processed 621 disclosures that amounted to $16 billion in claimed losses and deductions.
April 23 was the deadline for taxpayers to voluntarily disclose to the IRS their participation in tax shelters and other questionable transactions. In exchange for information about disclosed transactions and items, the IRS promised to waive certain accuracy-related penalties that might apply to an underpayment of tax.
According to a February FMN Online segment, Congress, the Internal Revenue Service and the courts are looking to collect $80 billion in taxes over the next ten years that would otherwise be used in tax shelter transactions "lacking a business purpose."
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