Defensive Tax Return Disclosures
Tuesday, January 15, 2019
Defensive tax return disclosures are made on Forms 8275 or 8275R, depending on whether the declared position is consistent or inconsistent with extant treasury regulations. However, the reason for filing defensive tax return disclosures goes beyond avoiding penalties associated with intentional disregard for rules and regulations. Preempting IRS deficiency notice presumptive correctness is a dominating consideration. This webcast explains.
This webcast involves Section 179 depreciation expense at the partnership level in a startup operation. Although not incorporated into this webcast, Dr. Jenkins wants to share his paper, "Why Section 179(b)(3)(A)'s Business Income Limitation Does Not Apply to Partnerships or S Corporations." The paper is currently in peer review at a university tax journal. Also, the ACPEN/BPN webcast based on this paper will be first aired during the week of <span class="aBn" data-term="goog_1864328383" style="border-bottom: 1px dashed rgb(204, 204, 204); position: relative; top: -2px; z-index: 0;" tabindex="0">September 25-29, 2017. Please be sure to look for that announcement and register for the webcast.
Forms 8725 and 8725R and Intentional Disregard of Rules and Regulation Penalties
Affirmative Equitable Defenses
Preempting IRS Deficiency Notice Presumptive Correctness
*Recognize important differences in correctly filing Forms 8725 and 8725R
*Recognize equitable tax doctrine application can correctly set aside black letter law targeted benefits
*Recognize why it is important to correctly rebut the IRS presumption of correctness when filing client tax returns
*Recognize properly prepared affidavits and incorporated exhibits amount to defensive tax return disclosures that correctly reduce IRS controversies to questions of law
*Forms 8725 and 8725R
*Penalties associated with intentional disregard of rules and regulations
*Equitable Tax Doctrines
*IRS deficiency notice presumptive correctness
*Preparing defensive tax return disclosures