Proposed regs explain amount of penalty for failure to report reportable transactions

IRS has issued proposed regs that would provide guidance on the amount of the penalty under Code Sec. 6707A for failure to include on any return or statement any information required to be disclosed under Code Sec. 6011 with respect to a reportable transaction. The proposed regs would clarify the amount of the penalty under Code Sec. 6707A, as amended by the Small Business Jobs Act of 2010 (Jobs Act, P.L. 111-240, 9/27/2010). … Read More