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Wednesday, November 1, 2006 - 7:15AM

The Treasury Department and the Internal Revenue Service (IRS) today issued updated regulations reflecting changes to the requirements for disclosure of reportable transactions by taxpayers and material advisors and reflecting changes to the requirements for list maintenance by material advisors made by the American Jobs Creation Act of 2004. The Treasury Department and IRS previously issued interim guidance on these updated rules and on the parallel set of rules regarding taxpayer disclosure of reportable transactions. In drafting the new regulations, the IRS says consideration was given to comments received in response to the interim guidance. Click here for a copy of Treasury Decision 9295, final and temporary regulations on modifications to the Section 6011, 6111 and 6112 regulations.

Comments on the proposed changes to Section 6112, proposed changes to Section 6011 and proposed changes to Section 6111 will be accepted through January 31, 2007. In particular, comments are requested on how the regulations can be targeted to capture useful information about potentially abusive transactions while minimizing the burden imposed on taxpayers and material advisors.

Join Novogradac & Company LLP at its upcoming conferences on Nov. 29- Dec. 1 in Las Vegas or Jan. 10-12 in Miami, Fla. to discuss these important changes to the Internal Revenue Code that may affect general partners and/or developers of low-income housing tax credit (LIHTC) partnerships or properties that previously were thought exempt from reporting as tax shelters under IRC §6111.

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