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	Tax shelter - Wikipedia, the free encyclopedia
		Tax shelters are any method of reducing taxable income resulting in a reduction of the payments to tax collecting entities including state and federal governments.
		The flaws of these questionable tax shelters are usually that transactions were not reported at fair market value or the interest rate was too high or too low.
		Tax shelters were intended to induce good behaviors from the masses, but at the same time caused a handful to act the opposite.
	en.wikipedia.org /wiki/Tax_shelter (1076 words)

	Life insurance tax shelter - Wikipedia, the free encyclopedia
		Since most other forms of income are taxable (such as capital gains, dividends and interest income), consumers are often advised to purchase life insurance policies to either offset future tax liabilities, or to shelter the growth of their investments from taxation.
		Since life insurance proceeds are normally only tax free at death, tax liabilities that come due at death are often offset by a policy of the same size.
		Since one normally does not know which of these will occur (see adverse selection or anti-selection) calculations must be based on expected life expectancies for people of similar gender, physical condition, and behaviour.
	en.wikipedia.org /wiki/Life_insurance_tax_shelter (402 words)

	Tax Shelter Updates
		The IRS partnership with state tax administrators had uncovered tens of millions of dollars in abusive transactions by early June 2004.
		The tax administrators of Australia, Canada, the United Kingdom and the United States have created a joint task force to coordinate the fight against abusive tax transactions.
		Tax avoidance promotions to beware — the penalties, interest and legal costs associated with getting involved with them may be significant.
	www.irs.gov /newsroom/article/0,,id=110172,00.html (490 words)

	IC89-4 Tax Shelter Reporting
		The purpose of this circular is to set out guidelines to assist the promoter of a tax shelter to prepare and file: (a) the application form necessary to obtain a tax shelter identification number; and (b) the tax shelter information return and supporting supplementaries.
		A tax shelter promoter is any person who in the course of a business sells, issues or promotes the sale, issuance or acquisition of an interest in a tax shelter or who acts as an agent or advisor in respect of such activities.
		Prescribed property in relation to a tax shelter means property that is a registered pension fund or plan, a registered retirement savings plan, a deferred profit-sharing plan, a registered retirement income fund or a registered education savings plan.
	www.cra-arc.gc.ca /E/pub/tp/ic89-4/ic89-4-e.html (1501 words)

	Your Home as a Tax Shelter: Top Ten Tax Deductions for Owning Your Home (Site not responding. Last check: 2007-10-21)
		Your home shelters you from the elements, but it is also a valuable tax shelter.
		Joint tax filers can deduct all the interest on a maximum of $1 million in mortgage debt secured by a first and second home.
		This is a true tax shelter for those who are treating home buying as an investment.
	www.nolo.com /encyclopedia/articles/re/taxshelter.html (1328 words)

	frontline: tax me if you can: introduction \| PBS
		It was one of corporate America's biggest hidden profit centers in the past decade -- the tax shelter -- and it became so lucrative that last year it helped major U.S. companies cut their tax rate to just half of what they had historically paid, leaving individual taxpayers to make up the difference.
		In the documentary, Smith speaks with a former tax attorney for KPMG, who describes how the firm's accountants and attorneys were ordered by KPMG tax executives to design -- and market aggressively -- as many tax shelters as possible, since the firm made a profit based on how much it saved its clients in taxes.
		"Tax Me If You Can" concludes by reporting that while the Republican-controlled U.S. Senate has passed broad tax shelter reform legislation, both the Bush administration and private sector companies, such as accounting and leasing firms, oppose a Senate-backed provision requiring that shelters have economic substance and genuine business purpose to be legal.
	www.pbs.org /wgbh/pages/frontline/shows/tax/etc/synopsis.html (946 words)

	What is a Tax Shelter?
		Although it sounds like a specific place, a tax shelter is any investment strategy that enables you to legally decrease or avoid taxation.
		Tax sheltering allows you to either pay your taxes at a later time (tax-deferral), or to minimize your tax liability (tax avoidance).
		Tax evasion is the failure to pay or report taxes, or to willfully report them incorrectly.
	www.newyorklife.com /cda/0,3254,11547,00.html (613 words)

	tax shelter - Hutchinson encyclopedia article about tax shelter
		Investment opportunity designed to reduce the tax burden on an individual or group of individuals but at the same time to stimulate finance in the direction of a particular location or activity.
		Such shelters might be tax exempt or lightly taxed securities in government or a local authority, or forestry or energy projects.
		This information should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional.
	encyclopedia.farlex.com /tax+shelter (114 words)

	Fact Sheet - Tax Shelter Donation Arrangements
		The tax receipt will be high enough to produce a tax credit greater than the cost of the property plus any capital gains taxes resulting from the arrangement.
		A tax shelter is defined in the Income Tax Act to include any property or gifting arrangement for which a promoter represents that an investor can claim deductions or credits which equal or exceed the cost of the property less certain benefits within a four year period.
		Tax shelter promoters: Promoters who sell tax shelters before getting a tax shelter number are liable to a penalty equal to the greater of either $500 or 25% of the money received for selling the tax shelter.
	www.cra-arc.gc.ca /newsroom/factsheets/2003/nov/1125taxshelter-e.html (1472 words)

	washingtonpost.com: KPMG Official Faces Skeptical Senators at Tax Shelter Hearing
		Current and former officials of accounting giant KPMG LLP told a skeptical Senate subcommittee yesterday that the tax shelters they sold to wealthy clients in the late 1990s could be defended on technical grounds and had real business or charitable purposes.
		Levin, who had investigated the use of tax shelters by bankrupt Enron Corp., thinks penalties are too lax to deter the aggressive promotion of shelters.
		The shelter, when reduced to its essentials, consisted of little more than having the client borrow $50 million from a cooperating bank, also borrow $20 million in interest, keep the entire $70 million on deposit at the bank for a couple of months, then repay the bank and deduct the $20 million in interest.
	www.washingtonpost.com /ac2/wp-dyn/A59411-2003Nov18?language=printer (682 words)

	California Tax Shelter Rules (State & Local Tax Bulletin 5/04)
		For registration purposes, a "tax shelter" is an investment that has a greater than 2 to 1 "tax shelter ratio," which is the ratio that the aggregate amount of deductions and 200% of the credits allowable to an investor bears to the investment base.
		In general, a tax shelter organizer must send a duplicate of the federal registration information, or the same information required for federal tax shelters in the case of California tax shelters, to the FTB no later than the day on which the sale of interests in the tax shelter is first offered.
		A "potentially abusive tax shelter" is defined as (i) any tax shelter for which registration is required under IRC § 6111 or (ii) any entity, investment plan or arrangement, or other plan or arrangement which is of a type that Treasury or FTB determines by regulations as having a potential for tax avoidance or evasion.
	www.pmstax.com /state/cashelter0405.shtml (5391 words)

	CITES BY TOPIC: tax shelter
		(iii) causes another person to claim, that the tax shelter (or any aspect thereof) is proprietary to any person other than the potential participant or is otherwise protected from disclosure to or use by others.
		For purposes of this subsection, the term ''promoter'' means any person or any related person (within the meaning of section 267 or 707) who participates in the organization, management, or sale of the tax shelter.
		For purposes of subsections (a) and (b), an offer to participate in a tax shelter (as defined in paragraph (1)) shall be treated as an offer for sale.
	famguardian.org /TaxFreedom/CitesByTopic/TaxShelter.htm (1076 words)

	Abusive Tax Shelters and Transactions
		Treasury regulations require that certain tax shelters and transactions be registered and that lists of investors be maintained by parties who organize or sell interests in the shelter(s).
		IRS policy is to request tax accrual and other financial audit workpapers relating to the tax reserve for deferred tax liabilities, and to footnotes disclosing contingent tax liabilties appearing in audited financial statements.
		A prior Tax Shelter Disclosure Initiativeconducted from December 2001 to April 2002 resulted in 1,690 transaction disclosures from 1,212 taxpayers.
	www.irs.gov /businesses/corporations/article/0,,id=97384,00.html (619 words)

	Your Residence Tax Shelter
		It appears he or she may be eligible for the $500,000 exclusion if the residence is sold during the year of death of his or her spouse, provided the sale is reported on a final joint return.
		For principal residences except for residences acquired in a tax deferred exchange after October 22, 2004, if a taxpayer does not meet the ownership or residence requirements, a pro-rata amount of the $250,000 or $500,000 exclusion applies if the sale or exchange is due to a change in place of employment, health, or unforeseen circumstances.
		Remember that a residence that is inherited receives a new "tax basis" (cost to determine gain or loss) as of the date of death of the decedent.
	www.taxtrimmers.com /residence.shtml (1600 words)

	Tax Executive, The: Illinois's new tax shelter rules
		The IRS seeks to put a comprehensive strategy in place to (1) identify and deter promoters of abusive tax transactions; (2) publish guidance on transactions and shelters that are determined to be abusive; and (3) promote disclosure by those who market and participate in abusive transactions.
		Tax shelters that are determined by the IRS to be abusive tax avoidance transactions are identified as "listed transactions." The IRS identifies listed transactions in published guidance.
		If a taxpayer has an understatement of tax due to a reportable transaction for any taxable year, a penalty will be imposed equal to 20 percent of the amount of the understatement.
	www.findarticles.com /p/articles/mi_m6552/is_6_56/ai_n8966617 (1201 words)

	USATODAY.com - IRS gets $3.2B in crackdown on 'abusive' tax shelter (Site not responding. Last check: 2007-10-21)
		The IRS collected the $3.2 billion in taxes, interest and penalties from 1,165 people who settled with the agency over Son of Boss, a complex tax shelter marketed through financial products by accounting and investment firms and declared "abusive" by the IRS in 2000.
		The Son of Boss crackdown is part of a larger campaign against illegal tax shelters by the IRS, the Justice Department, the Senate's Finance Committee and its Governmental Affairs subcommittee on investigations.
		The abusive tax shelters were promoted by major accounting firms and other tax advisers in the 1990s.
	www.usatoday.com /money/perfi/taxes/2005-03-24-son-of-boss_x.htm (491 words)

	SSRN-Travails in Tax: KPMG and the Tax-Shelter Controversy by Tanina Rostain
		SSRN-Travails in Tax: KPMG and the Tax-Shelter Controversy by Tanina Rostain
		This chapter tells two stories: the story of KPMG's emergence as an industry leader in the tax shelter market and the story of Mike Hamersley, a lawyer at the firm, who ultimately exposed its tax shelter activities after he was pressured to participate in an audit he believed to be fraudulent.
		Rostain, Tanina, "Travails in Tax: KPMG and the Tax-Shelter Controversy".
	papers.ssrn.com /sol3/papers.cfm?abstract_id=724321 (451 words)

	Tax Shelter -- Oxnard
		BusinessWeek:...top tax writers said Tuesday that they intend to crack down on an arrangement between charities and investors that uses life insurance policies as a tax shelter...
		Coon Rapids ECM Publishers,: A tax shelter amnesty program billed as raising $62 million in one-time revenue is established, and a streamline sale tax provision is expected to raise $39...
		Anderson Ark was investigated for a variety of tax shelter schemes between 1997 and 2001.
	bluegrouper.com /feb2004/Tax_Shelter/Oxnard.html (2928 words)

	R943, Employee Tax Shelter Programs
		To describe the tax shelter program available to Commissioner's Office personnel and establish procedures to be followed in setting up an individual program.
		The unpaid portion of the employee's compensation described in the agreement is then used to purchase supplemental annuity benefits which are tax sheltered, i.e., federal and state taxes on the premiums remitted and on the investment earnings credited to them are deferred until the employee receives them in the form of retirement or annuity benefits.
		Employee's Tax Obligation - Participation in a tax shelter program approved by the Commissioner's Office does not modify or otherwise affect the personal obligation of the participant to discharge all tax liabilities and to file all necessary tax returns as a personal obligation with respect to the Internal Revenue Service or the cognizant taxing authorities.
	www.utahsbr.edu /policy/r943.htm (713 words)

	Tax Shelter Trusts (Site not responding. Last check: 2007-10-21)
		These are trusts commonly referred to as A-B or marital-family trusts and are established to minimize death taxes by maximizing the use of the then current lifetime exclusion and the unlimited marital deduction.
		The benefits of using the tax shelter is that the deferred death taxes allow for increased planning opportunities which will result in lower estate taxes paid after the death of a surviving spouse, i.e.
		Tax advantages are that it minimizes federal estate taxes by deferring their payment for as long as possible.
	www.lawwalk.com /tax_shelter_trusts.htm (209 words)

	HSA Tax Shelter
		A potentially lucrative tax shelter became available to the masses in 2004, courtesy of the Medicare act Congress just passed.
		But the tax incentives are powerful for those who do, or for anyone who wants to build a modest account to cover routine health expenses.
		But the tax write-off can't exceed $2,250 for an individual plan, $4,500 for a family plan.
	www.selfemployedweb.com /hsa-tax-shelter.htm (996 words)

	Tax Shelter Remediation -- Backing Out of Tax Shelters and Suing Promoters
		Tax Practice and Policy and Tax Shelters Practical and Practice issues for Professionals who practice in the area of taxation.
		The tax shelter industry began unraveling with the realization that Enron and other large corporations and their officers, directors and major shareholders were engaging in illegal tax strategies.
		The result is that the IRS has made many of these strategies “listed transactions.” With this new status, the taxpayers utilizing these strategies were forced to file new disclosure statements on form 8886 even if the strategy was not listed at the time they employed it.
	www.quatloos.com /tax_shelter_remediation.htm (647 words)

	California's Controversial New 'Anti-Tax Shelter' Law Increases Penalties, the Statute of Limitations and ...
		However, if the tax shelter was offered for sale between February 28, 2000 and January 1, 2004, and it is listed on or before January 1, 2004, it must be registered by April 30, 2004.
		Under the new law for potentially abusive tax shelters, the tax return preparer, in preparing a tax return, must have “a reasonable belief that the tax treatmentwas more likely than not” the proper treatment (i.e., a more than 50% chance of prevailing).
		The law increases the existing penalty imposed on promoters of tax shelters if the promoter knew or should have known that any statements made with respect to the tax consequences of a potentially abusive tax shelter were false or fraudulent.
	www.gtlaw.com /pub/alerts/2003/kaplanb_10.asp (1983 words)

	2004 Jobs Act: Overhaul of Tax Shelter Rules (Tax Bulletin 1/05)
		This bulletin concerning federal income tax matters is part of the Pillsbury Winthrop Shaw Pittman Tax Page, a World Wide Web demonstration project, no portion of which is intended and cannot be construed as legal or tax advice.
		Any transaction for which (i) the taxpayer has the right to a full or partial refund of fees if the intended tax consequences from the transaction are not sustained, or (ii) the fees are contingent on the intended tax consequences from the transaction being sustained.
		New section 6662A provides for a new accuracy-related penalty for understatements of tax resulting from listed transactions or other reportable transactions that have a "significant tax avoidance purpose." The penalty is generally 20 percent of the amount of the understatement, increased to 30 percent if the underlying reportable transaction was not disclosed as required.
	tax.pillsburywinthrop.com /gen/hr4520/taxShelter0501.shtml (1102 words)

	Courts and Torts: Tax-Shelter Shocker - - CFO.com
		In essence, the court ruled that a tax shelter can be valid if it has "economic substance" even when the company's sole motivation for entering the transaction is tax avoidance.
		The IRS countersued for $113 million in taxes and $41 million in penalties, arguing that BandD's tax basis should have been reduced by $560 million, the amount of the assumed contingent liabilities.
		Quarles and other judges, however, have opined that passing either prong of the test is enough to sanction the transaction as valid for tax purposes, rather than deeming it a sham.
	www.cfo.com /article.cfm/3515229?f=related (658 words)

	How To Finance a Hollywood Blockbuster - Start with a German tax shelter. By Edward Jay Epstein
		Loopholes in Germany's tax code are responsible for a good portion of Paramount's profits—an estimated $70 million to $90 million in 2003 alone.
		If a German wants to defer a tax bill to a more convenient time, a good way to do it is by investing in a future movie.
		The beauty of the German laws as far as Hollywood is concerned is that, unlike the tax laws in other countries, they don't require that films be shot locally or employ local personnel.
	www.slate.com /id/2117309 (1009 words)

	Tax Shelter
		Tax shelters can range from investments or investment accounts that provide favorable tax treatment, to activities or transactions that lower taxable income.
		The most common type of tax shelter is an employer-sponsored 401(k) plan.
		Tax minimization (also referred to as tax avoidance) is a perfectly legal way to minimize taxable income and lower taxes payable.
	www.investopedia.com /terms/t/taxshelter.asp (201 words)

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