Tufts Law Firm

What type of entities are often at the center of the so-called "abusive tax shelters" that now have Ernst & Young and KPMG partners in such hot water? You got it, LLPs, LLCs, LLLPs (yes, partnership tax vehicles, or usually TEFRA partnerships). And what form would practitioners love NOT to have to file?

Who are you going to call when these tax vehicals are sputtering (i.e., LLC, LLP, LLLP, partnership, joint venture) and the wheels are falling off?

And which IRS forms suddenly become so critical and at the center of this debate?


IRS Form 8082	IRS Form8886	IRS Form K1

These partnership tax vehicles were rushed off of the assembly lines in the 90s, but now they are wrecking all over the place and who will be there with the expertise to try and mitigate these damages? Tufts Law Firm, PLLC (partners in peril)

The abusive tax shelter products are just a sampling of "drugs" out there that may be legal, illegal, or in-between, or proverbially speaking, there are transactions/tax products/schemes that the Government wants people to know, before they take 'em or after they jump into 'em, that they either are:

a. AOK (not a listed transaction; blessed by the Government)[GREEN LIGHT]
i. Example: 1031 like-kind exchanges
b. Not sure ("transactions of interest") (guidance coming later this summer from the IRS)[YELLOW LIGHT]
c. Not OK (i.e., the listed transactions and other reportable transactions requiring the filing of IRS Form 8886) [RED LIGHT]

Tufts Law Firm

Tufts Law Firm, PLLC
159 Lookout Place, # 202
Maitland, Florida 32751
Phone: (407) 647-8886
Fax: (407) 641-8082
Toll Free: 1-866-747-3423

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