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

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The IRS audited the tax...
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: 9 years ago.Category: Tax
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Answered in 26 minutes by:
8/2/2008
Tax Professional: Marvin,EA, Enrolled Agent replied 9 years ago
Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1,672
Experience: Enrolled to Represent Taxpayers Before The IRS
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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
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1,672
Experience: Enrolled to Represent Taxpayers Before The IRS
Verified
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