Tax Treatment - To:Mr.JamesBrossard From:BrianGilbert,CPA...

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To: Mr. James Brossard From: Brian Gilbert, CPA Executive Summary On July 23 rd , you provided our office with U.S. Internal Revenue (IRS) notices pertaining to  your complaint that you were required to pay fines and penalties to the IRS for the tax year  ended 20XX. Upon a cursory review of the documents that you presented, it became apparent  that the nature of the fines and penalties were specifically related to three separate tax process  violations, namely: (1) late filing(s) for the tax year(s) ended 20XX, (2) underpayment of taxes  due for the tax year(s) ended 20XX, and (3) underreporting of income for the tax year(s) ended  20XX. Pursuant to these aforementioned issues, we have taken the liberty of drafting this letter  of advice delineating an explanation of the following issues: (1) due dates, (2) request(s) for  ruling, (3) paying estimated taxes, and (4) IRS treatment of substantial omission. We believe that  a concise description of these issues will sufficiently address your concerns that you will face  fines and penalties on future tax filings. Issue 1: Dues Dates The IRS releases Publication 301 entitled “When, Where, and How to File.” The document  details the filing deadline parameters for the timely filing of a U.S. Individual Tax Return and  lays out the rules for filing for a lawful extension of time to file a return. The information from  Publication 301, pertaining to your particular issue, is as follows: “April 15 of each year is the due date for filing your Federal individual income  tax return if your tax year ends December 31st. Your return is considered filed  timely if the envelope is properly addressed and postmarked no later than April  15. If you use a fiscal year (which is a year ending on the last day of any month  other than December), your return is due on or before the 15th day of the fourth 
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This note was uploaded on 03/01/2012 for the course ACCOUTNING 550 taught by Professor Abner during the Spring '11 term at DeVry Houston.

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Tax Treatment - To:Mr.JamesBrossard From:BrianGilbert,CPA...

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