Taxpayer Allowed to Revoke Election Out of Installment Reporting Where Accountant Made Error in Computing Taxable Income
Mistakes happen, but in this case the IRS allowed a tax advisers a “get of jail (not quite) free” card with regard to giving bad advice to a client due to an error in computing the taxpayer’s taxable income when preparing a return. In PLR 201503005 the IRS granted the taxpayer the right to revoke an election out of the installment basis of accounting.
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