Financial Statement Disclosure of Corporate Tax Shelters

Jenkins, J. Gregory, Sawyers, RoB, The CPA Journal

Opening up to the light

IN BRIEF

Abusive Tax Shelter Disclosure and Control

While most of the controversy surrounding corporate tax shelters deals with issues of registration, listing, and disclosure of shelters for tax purposes, the disclosure of corporate tax shelters in a company's financial statements can be overlooked. The authors provide some basic background about tax shelters and discuss recent Treasury Regulations requiring the disclosure of certain transactions to the IRS. They analyze whether the accounting profession's current guidance and standards related to materiality and contingent liabilities could be useful in determining the appropriate …

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Publication information: Article title: Financial Statement Disclosure of Corporate Tax Shelters. Contributors: Jenkins, J. Gregory - Author, Sawyers, RoB - Author. Magazine title: The CPA Journal. Volume: 72. Issue: 6 Publication date: June 2002. Page number: 50+. © New York State Society of Certified Public Accountants Feb 2009. Provided by ProQuest LLC. All Rights Reserved.

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