Tax News

CCH (cch.taxgroup.com) reports:

The Wisconsin Department of Revenue has issued a notice explaining certain new disclosure requirements applicable to individual income and corporation franchise and income tax taxpayers. Specifically, under the 2007 budget act, requirements were enacted for taxpayers and material advisors to disclose reportable transactions, including listed transactions, to the Department. The law requires taxpayers and material advisors to provide the Department with copies of reportable transaction disclosure forms whenever those forms are required by the IRS. The requirement is retroactive to reportable transactions that affected a taxpayer's Wisconsin income or franchise tax liability for any period beginning on or after January 1, 2001. Wisconsin has also adopted penalties for failure to disclose reportable transactions, similar to those that exist for federal purposes.