Friday, May 9, 2014

Tax Court Upholds Negligence Penalty But Not Fraud Penalty



The Tax Court has upheld IRS's determinations with respect to the car and truck expenses that a married couple was entitled to deduct, finding that their records were inconsistent and didn't support the higher amounts claimed. 

However, the Court declined to impose a fraud penalty against the couple, concluding that the errors on their returns were instead attributable to negligence, and imposed accuracy-related penalties accordingly. Flake, TC Memo 2014-76.

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Source:

Thomson Reurters 

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