Qualified Retirement Plan Archives

Accuracy Related Penalty

Harriss v. Commissioner
T.C. Memo. 2021-31

On March 11, 2021, the Tax Court issued a Memorandum Opinion in the case of Harriss v. Commissioner (T.C. Memo. 2021-31). The primary issues presented in Harriss v. Commissioner were whether the notices of deficiency issued to the petitioners were valid and whether the petitioner is liable under IRC § 72(t) for the early withdrawal penalty. Shenanigans in Harriss v. Commissioner The petitioner was paid, on average, $150,000 in 2012, 2013, and 2014. Forms 1099

Scott St. Amand March 11, 2021

AUR System

Ball v. Commissioner
T.C. Memo. 2020-152

On November 10, 2020, the Tax Court issued a Memorandum Opinion in the case Ball v. Commissioner (T.C. Memo. 2020-152). The primary issues before the court in Ball v. Commissioner were whether distributions from an IRA constituted items of gross income, whether the petitioner was liable for the 10% addition to tax under IRC § 72(t), and whether the petitioner was liable for the accuracy related penalty under IRC § 6662(a).

Scott St. Amand November 10, 2020

Frivolous

Lashua v. Commissioner
T.C. Memo. 2020-151

On November 9, 2020, the Tax Court issued a Memorandum Opinion in the case Lashua v. Commissioner (T.C. Memo. 2020-151). The primary issues before the court in Lashua v. Commissioner were whether the petitioner had unreported retirement income, whether the petitioner was liable for additional tax under IRC § 72(t), and whether the petitioner received a valid notice of deficiency. A further issue was whether the petitioner was completely full of shit. Judge Marvel –

Scott St. Amand November 9, 2020

ESOP

Ed Thielking Inc. v. Commissioner
T.C. Memo. 2020-5

On January 9, 2020, the Tax Court issued a Memorandum Opinion in the case of Ed Thielking Inc. v. Commissioner (T.C. Memo. 2020-5). The issue presented in Ed Thielking Inc. v. Commissioner was whether a corporate Employee Stock Ownership Plan (ESOP) and an Employee Stock Ownership Trust were qualified under IRC § 401(a) and IRC § 501(a), respectively. Background to Ed Thielking Inc. v. Commissioner The petitioner is an S corporation, incorporated in March 2006. Effective

Scott St. Amand January 9, 2020