How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Marvin,EA Your Own Question
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1672
Experience:  Enrolled to Represent Taxpayers Before The IRS
Type Your Tax Question Here...
Marvin,EA is online now
A new question is answered every 9 seconds

The IRS audited the tax returns of Wade Boggs. It ...

Resolved Question:

The IRS audited the tax returns of Wade Boggs. It contented that, between 1986 and 1990, Boggs earned $422,250 for autograph signings, appearances, and product endorsements, but he reported only $9,685 of income. Boggs attributed the shortfall to his his receipt of cash for autograph sessions and promotional events. He allegedly concealed the cash payments in seperate bank accounts of which his CPA was unaware. What tax compliance issues regarding the alleged underreporting are pertinent?
Submitted: 8 years ago.
Category: Tax
Expert:  Marvin,EA replied 8 years ago.
Hello and thank you for using Just Answer. Mr. Boggs would be subject to the fraud penalty(IRC6663), willful attempt to evade or defeat tax(IRC7201), willful making and subscribing to false return(7206(1)), frivolous or incomplete return(6702).
Marvin,EA and 5 other Tax Specialists are ready to help you

Related Tax Questions