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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: nextrade! who wrote (21915)	7/3/2004 2:54:35 PM
From: Lizzie Tudor	Respond to of 306849

the real problem yesterday was the PMI, a complete disaster

To: nextrade! who wrote (21915)	7/4/2004 3:21:43 PM
From: nextrade!	Read Replies (2) \| Respond to of 306849

IRS says offer to net billions chron.com Leniency drew users of shelter by the hundreds By RYAN J. DONMOYER Bloomberg News July 1, 2004, 11:45PM More than 1,500 taxpayers agreed to pay back taxes and reduced penalties for using a tax shelter called "Son of Boss" that cost the U.S. government at least $6 billion in the late 1990s, the Internal Revenue Service said Thursday. The tax collection agency said about 85 percent of the taxpayers that it knows used the tax shelter came forward from May 5 to June 21 under the leniency offer that allows them to pay reduced penalties and deduct the deal's transaction fees. About 300 taxpayers previously unknown to the agency also came forward, IRS Commissioner Mark Everson said. "We can expect to recover monies in the billions of dollars," Everson said. He said the agency will pursue those who didn't come forward. The offer to settle with taxpayers who used tax shelters is the first time the IRS demanded 100 percent of the tax owed, plus interest and at least some penalty, part of the agency's effort to "send a tougher message," Everson said last month. Everson estimated Thursday that up to three-quarters of the 1,500 taxpayers who came forward were individuals. About two-thirds of the shelter users will pay a penalty as high as 20 percent, depending on whether they used other tax shelters, the agency said. Those who didn't come forward and are caught by the IRS face back taxes and interest and maximum penalties as high as 40 percent, the IRS said. IRS Chief Counsel Donald Korb promised an "aggressive litigation strategy" for those who challenge the IRS in court. He said the agency won't settle any litigated cases for terms more favorable than those under the leniency program.