IRS attempted to assess over $408k in additional tax and over $81,000 in penalties for an approximate total of over $490k. This does not include interest that would have started accruing since 2019. The case surrounded whether the client actively participated in real estate activities. If the client was deemed to be a passive actor in the real estate activity, the client would have been limited in real estate losses and other deductions. The result of our tax court representation ended with $0 added liability for the client as we successfully presented our case to IRS counsel and it agreed with our position.
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“TAX-DEAL”: 829-3325
“TAX-DEAL”: 829-3325
