IRS issues guidance on reportable transactions.

• Position: IRS Update - Brief Article

The Treasury Department and IRS have issued interim guidance reflecting changes to the requirements for disclosure of reportable transactions by taxpayers and material advisers made by the American Jobs Creation Act of 2004.

The act provides rules that require material advisers to file returns disclosing reportable transactions and to maintain investor lists, and imposes new monetary penalties on those who fail to comply.

Also, four...