IRS Offers Shelter Users Chance to Settle
TAXES
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Taxpayers who participate in certain tax shelters are getting a limited chance to settle with the government and avoid long, costly legal battles, the Internal Revenue Service said.
Hundreds of corporations, partnerships and wealthy individuals involved in three shelters cited by the IRS still would owe taxes, interest and possibly penalties even if they settled.
The three shelter schemes are all highly complex, as reflected in their names: corporate-owned life insurance, contingent liability transactions and basis-shifting transactions. These were identified this year as potentially shady deals through IRS audits and an initiative seeking disclosure of shelters.
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