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When a husband says, “We are partners,” what does he REALLY mean?
The husband ran a successful medical practice earning over $650,000 in gross income. He employed his wife as a sales representative and paid her a little over $30,000/year. The couple had four small children. The wife didn’t participate in her husband’s meeting over finances and management.
The IRS found that the medical practice underreported its income by over $100,000. Over $40,000 tax liability notice of deficiency was mailed to the couple. The couple also faced a significant penalty for the underreporting/ underpayment.
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How Cost of Gods Sold Affects Income & Tax Bracket An increase in the Beginning Inventory decreases?income for the year. An increase in the Ending Inventory increases?income for the year. An increase in Beginning Inventory means that you will pay tax on the sale of that inventory?later?(when you sell it). An increase in the Ending…
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IRS’ application of petitioner’s remittance after the tax liabilities has been assessed constituted a payment of that tax liability.
On December 28th, 2021 the US Tax Court reviewed and decided whether “the taxpayer has paid more than was owed, where such a determination is necessary for a correct and complete determination of whether the proposed collection action should proceed”. (per T.C. Memo. 2021-142 UNITED STATES TAX COURT Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent…
