Form TC-40TS Tax Shelter Disclosure for Material Advisors - Utah

What Is Form TC-40TS?

This is a legal form that was released by the Utah State Tax Commission - a government authority operating within Utah. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form TC-40TS?
A: Form TC-40TS is a Tax Shelter Disclosure form for Material Advisors in Utah.

Q: Who needs to file Form TC-40TS?
A: Material Advisors who are required to disclose tax shelter transactions to the Utah State Tax Commission.

Q: What is a Material Advisor?
A: A Material Advisor is any person who provides material aid, assistance, or advice with respect to organizing, managing, promoting, selling, implementing, or carrying out any reportable transaction.

Q: What is a reportable transaction?
A: A reportable transaction is any transaction identified as a tax shelter transaction under the Internal Revenue Code and its accompanying regulations.

Q: What information is required to be disclosed on Form TC-40TS?
A: Form TC-40TS requires the disclosure of information related to the material advisor, the reportable transaction, and any other relevant information.

Q: When is Form TC-40TS due?
A: Form TC-40TS must be filed by the material advisor within 90 days after the date on which the material advisor becomes a material advisor with respect to the reportable transaction.