Tag: negligence

Cash Businesses Must Maintain Records

By Sanford Millar of MillarLaw A Professional Corporation On Thursday, April 16, 2015

A recent Tax Court case (Kunkle v. C.I.R.) reiterates the need for cash businesses to maintain proper books and records. “Section 6662 imposes a 20% penalty upon the portion of any underpayment attributable to (among other things) negligence or disregard of rules or Regulations. The term “negligence” includes any failure to make a reasonable attempt … Continue reading Cash Businesses Must Maintain Records