Wednesday, June 23, 2010

Tax Court: Geithner/TurboTax Defense Doesn't Cut It

I am not a tax professional. I do use Turbo Tax and have for over ten years. That said, if you have a complicated situation, it is best to seek the advice of a tax professional (CPA or Enrolled Agent).

Otherwise, you could face the situation that this taxpayer faces:

Tax Court Rejects Geithner/TurboTax Defense

The Tax Court specifically reject the Geithner defense saying:

Regardless of the facts and circumstances relating to the case to which petitioner refers involving U.S. Secretary of the Treasury Timothy Geithner, petitioner is required to establish on the basis of the facts and circumstances that are established by the record in his own case that there was reasonable cause for, and that he acted in good faith with respect to, the underpayment for each of his taxable years 2005 and 2006 that is attributable to his failure to report self-employment tax.

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