jainen Posted December 28, 2007 Report Posted December 28, 2007 This new ruling has some useful insight about "reliance on a professional" as reasonable cause for avoiding penalty. There were several issues. The problem with charitable contributions was deemed to be "procedural" (appraisals and Form 8283) for which taxpayers could blame their CPA. But as experienced business owners they should have known that large hobby loss deductions were "too good to be true," even if the accountant accepted them. Quote
TAXBILLY Posted December 29, 2007 Report Posted December 29, 2007 http://www.ustaxcourt.gov/InOpHistoric/Sm2ith.TCM.WPD.pdf taxbilly Quote
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