TaxConnections selects a question from our Ask Tax Questions feature each week and invites tax professionals to offer their thoughts and comments below. Our site visitors genuinely appreciate your guidance on tax matters.
TaxConnections Members meet people who need tax expertise.
It matters in determining if the accuracy penalty applies when negotiating with the IRS. Section 6662(c) and Reg. §1.6662-3(b) provide the following definitions and guidance.
Negligence includes any failure to make a reasonable attempt to comply with the rules or regulations or to exercise ordinary and reasonable care in the preparation of a tax return.
It also includes any failure by the taxpayer to keep adequate books and records or to substantiate items properly.
Negligence Is Strongly Indicated Where:
Want To Gain Expert Knowledge And Skills Converting An Existing S Corp To An LLC? Complimentary Webinar
Secrets To Learn Working With A Retained Tax Recruiter Vs. Contingency
Legal Post: Texas Sales And Use Tax For Equipment Rentals
Canada Just Passed Law Increasing Exclusion Rate For Capital Gains To 66.6%
Biden Proposes Highest Capital Gains Tax in Over 100 YEARS
Recent Comments