Marcum’s Kristina Lebron Vega and Ashlie Forum breakdown the US Tax Court’s decision in Johnson V. Commissioner for Bloomberg Tax

Excerpt:

While many might view their annual obligation around tax filing as mundane or inconsequential, taxpayers must take heed of their exposure before accepting or signing, regardless if returns are self-prepared or completed by a professional.

As the US Tax Court’s September decision in Johnson v. Commissioner underscores, consequences are real for taxpayers who are presumed to possess specialized knowledge in their respective industries, but fail to notice inaccuracies or incompleteness in their returns.

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