Tax Promoter Archives | Briefly Taxing

31 C.F.R. § 10.0

FAB Holdings LLC v. Commissioner
T.C. Memo. 2021-135

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

Scott St. Amand April 21, 2022

Adequate Disclosure

A Comprehensive Guide to Preparer Penalties

Preparer penalties are like poison ivy. They lurk around every corner, and despite your best efforts, even the slightest step off the path of (tax return) righteousness can lead to a wholly uncomfortable time. This article provides a comprehensive, step-by-step analysis of each of the preparer penalties under the Code, both civil and, yes, even criminal and examines, where possible, how to avoid them (after the fact – sort of like an administrative calamine lotion).

Scott St. Amand April 29, 2021

IRC § 6700

Lemay v. Commissioner
T.C. Memo. 2020-59

On May 14, 2020, the Tax Court issued a Memorandum Opinion in the case of Lemay v. Commissioner (T.C. Memo. 2020-59). The primary issue before the court in Lemay v. Commissioner was whether petitioner is liable for a penalty under IRC § 6700 (promoting abusive tax shelters, etc.) for consistently promoting a tax avoidance scheme that everyone and their mother told him (and that he objectively knew himself) to be contrary to the law. (This

Scott St. Amand May 14, 2020

Deficiency Proceeding

Davison v. Commissioner
T.C. Memo. 2020-58

On May 14, 2020, the Tax Court issued a Memorandum Opinion in the case of Davison v. Commissioner (T.C. Memo. 2020-58). The primary issue before the court in Davison v. Commissioner was whether petitioner is liable for a penalty under IRC § 6700 (promoting abusive tax shelters, etc.) for consistently promoting a tax avoidance scheme that everyone and their mother told him (and that he objectively knew himself) to be contrary to the law. (This

Scott St. Amand May 14, 2020