The American Jobs Creation Act of 2004 (AJCA) established penalties related to the failure to file Form 8886 to disclose reportable transactions and for understatements attributable to any reportable transaction. For more details, see Penalties on page 3.

AJCA also provided an extended period of limitations to assess any tax with respect to a listed transaction that a taxpayer failed to disclose as required. For more information, see Previously Undisclosed Listed Transactions on page 3.

The category for significant book-tax differences has been eliminated for transactions disclosed after January 5, 2006. See Transactions With a Significant Book-Tax Difference on page 2.

The mailing address has changed for submitting a duplicate copy of initial year filings (the first year you participate in a reportable transaction). See When and How To File on page 3.