The IRS and Tax-Exempt and Government Entities division are in charge of defining and issuing regulations on how taxpayers disclose certain transactions when filing tax returns which require taxpayers to include Form 8886 (disclosure statement) as part of their return. Failure to disclose such reportable transactions may result in penalties and interest for the taxpayer if not abiding by such regulations. It is incumbent upon such qualifying tax-exempt taxpayers to review Form 8886 instructions and pay special attention to all IRS notices and/or published guidance which may affect the tax-exempt entities’ remedial efforts to correct discrepancies […]
IRS and Tax-Exempt Entities: Interpreting Listed Transactions
