2021-09-20 Reasonable Cause to Avoid Substantial Understatement Penalty
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
An audio version of this week’s update can be streamed or downloaded below
PDF of articles for this week’s update: