Dentons Federal Tax Controversy Insights: IRS AOD 2024‑01: Relief for Taxpayers Facing § 6707A Penalties
The IRS’s recent Acquiescence Action on Decision (“AOD”) 2024‑01 marks a significant policy shift for taxpayers penalized under I.R.C. § 6707A, which targets failures to disclose reportable transactions. This new stance specifically affects those penalized because of guidance (such as…