Regulations Provide Guidance on Sec. 6707 Material Adviser Penalty

The IRS issued final regulations under Sec. 6707, which imposes a large penalty on any material adviser who fails to file a return required under Sec. 6111(a) disclosing a reportable transaction or who files a false or incomplete return.

Source: http://feedproxy.google.com/~r/AICPA_Tax/~3/u9vokFz49Bg/20140730.aspx

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