IRS Announces Limited-Time Settlement Initiative for Certain "Abusive" Transactions

On October 27, the Internal Revenue Service (IRS) announced a short-term settlement initiative for taxpayers involved in a broad array of transactions that the IRS deems abusive. Eligible participants in the initiative will have the opportunity to settle with the IRS at a reduced penalty rate. In order to participate in the settlement initiative, taxpayers must file an Election Form with the IRS by January 23, 2006.

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