On Wednesday, the IRS issued two revenue rulings (Rev. Ruls. 2010-4 and 2010-5) that provide guidance to tax return preparers on situations in which they will not be liable for civil or criminal ...

In a related news release, the IRS released a draft version of proposed Form 7216, “Multi-Year Reporting Related to Section 355 Transactions,” which under the proposed regulations is required ...

In conjunction with the proposed guidance, the IRS posted a draft version of a new Form 7216, Multi-Year Transaction Reporting.The proposed regulations offer authoritative guidance on the provisions ...

The proposed regulations revise Sec. 1.355-5, Records to be kept and information to be filed, to require all covered filers, as defined in proposed Sec.1.3555(b)(1), to file an annual report about ...