.comment-link {margin-left:.6em;}

 The image “http://photos1.blogger.com/img/18/3404/640/NewsORamaLogo-rev1.jpg” cannot be displayed, because it contains errors.

Thursday, March 31, 2005
  The TurboTax defence, I will need to remember this one
TaxProf Blog: IRS Grants Relief to Taxpayer Who Used TurboTax to Prepare His Tax Return: "In a not-yet published private letter ruling obtained by Tax Analysts, the IRS granted relief to a taxpayer who claims he overlooked a tax election worth over $70,000 because he used TurboTax software to prepare his return:

In the March 22 ruling provided to Tax Analysts by the taxpayer's enrolled agent, the IRS considered and granted a request to make a late election to treat capital gains as investment income under § 163(d)(1) and 163(d)(4)(B). By making the election, the taxpayer will be able to deduct otherwise disallowed investment interest expense. The IRS determined that when the taxpayer filed his return he did not understand that the option to make the election existed or would affect his liability."
Comments: Post a Comment

Links to this post:

Create a Link

<< Home
Current events with a sprinkle of opionion.


A prematurely crusty South Park Republican, with a raging addiction to internet news and current events.

Contact NewsORama:

powered by FreeFind

Daily light reading:

September 2004 / October 2004 / November 2004 / December 2004 / January 2005 / February 2005 / March 2005 / April 2005 / May 2005 / June 2005 / July 2005 / August 2005 / September 2005 / October 2005 / November 2005 / December 2005 / January 2006 / February 2006 / March 2006 / April 2006 / May 2006 / June 2006 / July 2006 / September 2006 /

Powered by Blogger