Alert Regarding Tax Planning Activities.

• Position: American Institute of Certified Public Accountants issues guidance notes - Brief Article

Certain recordkeeping and filing requirements imposed by temporary regulations issued earlier this year may apply to you and/or your clients as a result of your tax planning activities. These temporary regulations are commonly referred to as the "tax shelter regulations," but do not be deceived by the "tax shelter regulations" title; the regulations can apply to ordinary tax planning services and transactions. Although it is clear these regulations do not apply to all our members, it is equally clear that their scope includes transactions that are not normally thought of as "tax shelters."

Flowcharts, together with explanatory notes, are being posted to the AICPA's Web site to assist you in determining...