Author: smithcpasandassociates

A Real Tax Court Case: What Went Wrong and How to Avoid Costly Mistakes

A Real Tax Court Case: What Went Wrong and How to Avoid Costly Mistakes Case Summary: The taxpayer under-reported $175k in W2 wages on their 2018 return. When the IRS initiated an audit, the taxpayer responded by amending their return, claiming non-cash charitable donations totaling $85,000 ($50,000 to Goodwill and $35,000 for 20 books). Unsurprisingly, […]