On November 30, 2021, the Tax Court issued a Memorandum Opinion in the case of FAB Holdings LLC v. Commissioner (T.C. Memo. 2021-135). The primary issue presented in FAB Holdings was whether the statutory notices of deficiency (SNODs) were timely sent based upon a cockamamy argument that the petitioners’ CPA was a “promoter” because the petitioners paid for his services. Held: The Tax Court was “not persuaded” by such argument. Background to FAB Holdings LLC Frank and Dana Berritto resided in New York during the years at issue, with Dana passing away in 2015. Mr. Berritto worked in the financial industry—specifically, for Merrill Lynch beginning in 2010. The couple hired a CPA firm to to prepare an integrated tax plan (ITP). The ITP included the formation of two entities: a C corporation (FAB) and a partnership (Berritto Enterprises, LLC). FAB was organized and Enterprises was formed in Delaware on November…