The new Act provides that interest on additional taxes involving abusive tax shelter transactions will now start with the filing of the tax return and continue until the time the taxes are settled and paid. Previously, interest was suspended for the period beginning 18 months after the filing, until October 3, 2004. Taxpayers who chose to close out a transaction as part of the settlement initiative will be exempt, on a one-time only basis, from the additional interest.
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Deadline Nears for Abusive Transaction Settlement