Long gone are the days when tax advisors only had to think about filing income tax returns. Now, tax advisors must think about the timely filing of a multitude of information returns in addition to income tax returns. In some cases, failure to timely file an information return can have draconian results. A particularly good example of the dire consequences of failure to timely file an information return is illustrated by the failure to file Form 8886, Reportable Transaction Disclosure Statement.  View the full article here.