IRS moratorium on tax shelter penalties ends this month

09/21/2009 | Wall Street Journal, The

Hundreds of small-business owners are worried about what will happen after Sept. 30, when an IRS penalty moratorium on a tax shelter crackdown ends. The issue is over failures of businesses to report transactions the IRS may consider tax shelters, and small-business subchapter S and limited liability companies can incur corporate and individual fines for every infraction.

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Wall Street Journal, The