October 8, 2020
Jessica L. Jeane, J.D.
Director of Public Policy and Communications
The IRS is temporarily allowing taxpayers to fax the required separate copy of Form 8886, Reportable Transaction Disclosure Statement with the Office of Tax Shelter Analysis (OTSA).
“The IRS will accept the separate OTSA copy of the initial year filing of Form 8886 via fax to 844-253-2553. This temporary procedure is in effect until further notice,” the IRS said on October 8.
Additionally, the IRS highlighted the importance of taxpayers continuing to submit two copies of Form 8886, which includes one with their tax return, including any extensions. However, the paper copy of the form is no longer required to be submitted by mail.
The IRS announcement and related FAQs can be located here.
The core mission of the National Society of Accountants is to help tax and accounting professionals become more successful.
NSA presents this information in the interest of its members for information purposes only and is not intended to provide, nor should it be relied upon, as legal, tax, or accounting advice.