Overview
Lisa Zarlenga was quoted in a March 30 Bloomberg BNA article titled "IRS: Assessment Periods on Undisclosed Listed Deals to Stay Open for Three Years." The article discusses final rules regarding undisclosed tax avoidance transactions and how long the assessment period will remain open based on when the transaction is reported to the IRS.
Ms. Zarlenga comments on the additional one-year assessment period after the information is submitted: " If you want to trigger the one-year period of limitations, you can still file and start the process. The taxpayer gets closure and the IRS gets one year to assess."
Read the full article at Bloomberg BNA (subscription required).
