http://www.kotv.com/main/home/storiesNL.asp?whichpage=2&id=80179The IRS has collected more than $3.2 billion, mainly from wealthy people, in its most ambitious effort ever to crack down on improper tax shelters, the agency said Thursday.
There's been
``some real pain'' among the 1,165 taxpayers who are participating in the ``Son of Boss'' tax shelter settlement, IRS Commissioner Mark Everson said at a news conference."Some people have had to sell their villas and yachts'' to come up with the money. A spinoff of an older shelter called ``Boss,'' the scheme known as ``Son of Boss'' is a highly complex, no-risk strategy where promoters such as accounting firms and investment banks sold financial products that generated losses to offset large gains, often from selling a business or exercising stock options.
Those who choose to litigate their case instead of participating in the initiative face assessment of the maximum penalty of 40 percent.
Everson added that those who go to court will be publicly named, while the IRS does not make public the names of those participating in the settlement :nopity: :nopity: :nopity: :nopity:
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