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 Wallstreet Esq. Your Own Question
Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 577
Experience:  10 years experience
Type Your Tax Question Here...
Wallstreet Esq. is online now
A new question is answered every 9 seconds

CPA reimburses a client for a $75,000 tax liability that is

Customer Question

CPA Joe reimburses a client for a $75,000 tax liability that is traceable to Joe’s
bad tax advice. For fear of increasing his already steep malpractice insurance
premiums, Joe does not file a claim with the insurer. Can Joe deduct the
$75,000 loss?
JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?
Customer: I have the two cases ready but I feel like it's not enough I need a case that will include IRC 165(c)(1) that is supporting the question
Submitted: 17 days ago.
Category: Tax
Customer: replied 17 days ago.
I have Miller v Comm case and Hills but I feel like there are other key cases that concentrate more on 165c1 losses incurred in a trade or business;
Expert:  PDtax replied 17 days ago.

Hi from just answer. I'mCustomer I can assist, but need to ask for a price bump for the research time.

Accept, and I can look into this today.

Related Tax Questions