FICPA Podcasts

Federal Tax Update: Reasonable Cause to Avoid Negligence Penalty

September 20, 2021

https://vimeo.com/609111841

https://www.currentfederaltaxdevelopments.com/podcasts/2021/9/19/2021-09-20-reasonable-cause-to-avoid-negligence

 

This week we look at:

  • Ways and Means Committee finishes markup of proposed new tax bill.
  • Language of legal settlement made all of the settlement amount taxable to taxpayer regardless of the fact that payor likely had other reasons to settle
  • Taxpayer had reasonable basis to rely upon prior case settlement even though Court found opposite results this time

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