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To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or tax-related matter(s) addressed herein.

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Sunday, June 27, 2010

SubChapter M Tax: From Deloitte's State Tax Matters

SubChapter M Tax: From Deloitte's State Tax Matters: "Multistate Tax Alerts:
Colorado reportable and listed transaction disclosure – July 1 deadline approaching
On April 2, 2009, Colorado adopted House Bill 09-1093, which requires taxpayers to disclose participation in “reportable” and “listed transactions.” Taxpayers subject to these disclosure provisions include corporations, individuals, estates, trusts, partnerships, S corporations, and other entities required to file an income tax return under Col. Rev. Stat. � 39-22-601. The new law also requires “material advisors” to disclose reportable and listed transactions and maintain a list of persons advised with respect to such transactions. Significant taxpayer and material advisor penalties are imposed for failure to comply with these requirements."
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