2021-09-20 Reasonable Cause to Avoid Negligence 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

Copyright 2021, Kaplan, Inc.