New requirements for abusive tax shelters.

• Position: FTB News; accounting - Brief Article

The FTB has added regulation and reporting requirements for promoters and organizers of potentially abusive tax shelters.

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Tax professionals are now responsible to report, register and maintain investor lists for potentially abusive tax shelters if they have:

* Participated in the organization of a potentially abusive tax shelter;

* Advised a potentially abusive tax shelter;

* Provided an opinion on a potentially abusive tax shelter;

* Promoted a potentially abusive tax shelter;

* Sold a potentially abusive tax shelter; or

* Managed a potentially abusive tax shelter.

For more information, visit www.ftb.ca.gov/law/tax_shelter/inforls_1.html.

Additionally, the FTB signed a joint agreement with 34 other states to share information among themselves on abusive tax shelters and illegal transactions.

For more information, www.ftb.ca.gov/aboutFTB/press/2004/04_32.html.

* Dear...