The Treasury Department’s recently issued regulations that require corporations to disclose to the Internal Revenue Service their schemes for avoiding taxes may dissuade some companies from entering into deals, but they will not shut down the robust tax shelter industry, tax attorneys say.
To accomplish that goal, the administration also needs to give the IRS more resources, impose stiffer penalties on violators, change the definition of tax shelter in the Internal Revenue Code and require company CEOs to certify that the facts reported about their shelter transactions are correct, the lawyers say.
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