The Internal Revenue Service is expanding mandatory disclosures for companies with more than $10 million in assets. On Jan. 26, the IRS proposed a new schedule that in-house lawyers need to consider carefully and on which they should consider submitting comments to protect their businesses’ interests. Once the proposed schedule becomes final, in-house attorneys will need to review their companies’ tax policies and ensure retraining of employees regarding the new requirement.
Currently, all taxpayers must disclose participation in one of 34 expressly prohibited “listed transactions,” as noted in the Recognized Abusive and Listed Transactions – LMSB Tier I Issues section on the IRS Web site. These include sale-in lease-out transactions as discussed in IRS Notice 2005-13 and distressed asset trust transactions as discussed in IRS Notice 2008-34.
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