📋IRS Seeks Comments on Compliance for Reportable Transactions
Agency Collection Activities; Requesting Comments on Section 6708, Failure To Maintain List of Advisees With Respect to Reportable Transactions
Summary
The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning the collection of information in Treasury Decision (TD) 9764, Section 6708 Failure to Maintain List of Advisees with Respect to Reportable Transactions.
Agencies
- Treasury Department
- Internal Revenue Service
Business Impact
$$ - Med
The regulatory notice highlights compliance and reporting obligations for material advisors concerning reportable transactions, including potential penalties for non-compliance with Section 6708 of the IRC. This has implications for business owners using material advisors as they must maintain accurate lists and meet reporting deadlines.