QI Changes Would Require Early Notice to IRS of Internal Control Failures, Steps to Enhance External Audits; Service Contemplating Additional Rulemaking

BNA's Daily Tax Report
In an article co-authored by Kathryn Morrison Sneade and George Clarke, they comment on the Internal Revenue Service's recently announced changes to its qualified intermediary (QI) program, promulgated as a response to the LGT and UBS tax scandals that came to light earlier this year and were perceived by the service as exposing the banks’ abuse of the QI program.

Reproduced with permission from Daily Tax Report, No. 230 (Dec. 1, 2008), p. J-1. Copyright 2008 by The Bureau of National Affairs, Inc. (800-372-1033) http://www.bna.com.
Related Files
Clarke and Morrison 2008-12-01 Daily Tax Report
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