IRS Reminds Tax Gurus: Keep Those Shady Deal Lists Handy
Published Date: 3/4/2025
Notice
Summary
The IRS wants your thoughts on rules about keeping and sharing lists of people advised on certain tax deals. If you’re a material advisor, you must keep these lists and share them within 20 business days when asked, or face penalties. Comments are open until May 5, 2025, so speak up now to help shape the process and avoid extra paperwork or fines.
Analyzed Economic Effects
3 provisions identified: 0 benefits, 3 costs, 0 mixed.
Maintain and Produce Advisee Lists
If you are a material advisor under Internal Revenue Code section 6111, you must keep the list of advisees for reportable transactions and make that list available to the IRS within 20 business days after a written request under IRC section 6708. Failure to provide the list within 20 business days can subject the material advisor to the penalty described in IRC section 6708.
Extension Requests Must Provide Information
A material advisor who requests an extension of the 20-business-day period must provide certain information to the IRS as required by Treasury Regulations section 301.6708-1(c)(3)(ii) for the IRS to grant the extension. The regulation places an information-submission condition on obtaining extra time to comply.
Paperwork Burden Estimates for Individuals
The IRS estimates this information collection (OMB No. 1545-2245) will result in 5 responses from the affected public of individuals, estates, and trusts, at an estimated 8 hours per respondent and a total annual burden of 40 hours. The notice states there is no change to the existing collection and that burden estimates for business filers are covered under OMB control number 1545-0123.
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