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Thursday, January 29, 2015
Volume:
7
Issue:
2
44-45
Abstract:
In a report dated Febuary 13, the Internal Revenue Service's Office of Chief Counsel announced that on December 1, 1990, it has opened a regulations project on return requirements where cash is received in a trade or business under Section 6050I of the Internal Revenue Code. During the last year the IRS has been enforcing this requirment against lawyers, including criminal defense lawyers involved in international cases, retail businesses, such as car dealers, real estate and securities brokers, travel agents, and so forth.