Our tax laws create categories–income/exclusion, deduction, and credit. Taxpayers are presented with structured forms that set out these categories. The IRS expects taxpayers to fill out the forms by correctly identifying what items go in each category. But it is not always clear what items go in each category. Taxpayers may engage in tax planning……
Tag: Accounting Method
IRS Expands Sec. 9100 Relief for Late Forms 3115
As innocuous as it sounds, the Form 3115 is a tax form like no other. A Form 3115 that is inadvertently omitted from a tax return filing can result in sizable differences in tax and trigger significant tax penalties and interest. Given the amounts that are often reported on the Form 3115, errors could cost……