Discussion:1120 Audit - Document Request - Listed Transactions

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Discussion Forum Index --> Tax Questions --> 1120 Audit - Document Request - Listed Transactions

Haident (talk|edits) said:

22 November 2005
Is it standard procedure for an examiner to include in the initial document requests for an 1120 audit a synopsis of "listed transactions" (abusive tax shelters and avoidance activities) that the taxpayer must acknowledge, and presumably either deny or disclose any direct or indirect praticipation in those listed transactions or any substantially similar transations? Or does this rquest indicate that the service suspects that the taxpayer has been involved in something along these lines?

PGattoCPA (talk|edits) said:

22 November 2005
As I understand it, the new IRS examination guidelines call for one of the first, if not the first, IDR to be the request for listed transaction information.

Haident (talk|edits) said:

23 November 2005
Do you have specific IRS pub reference?

DZCPA (talk|edits) said:

25 November 2005
The IRS can ask almost anything they want regarding the tax returns.

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