23-Jan-18
IRC 199A Deduction – A Trade-Off in Penalties
Take-Away: An overlooked change in the 2017 Tax Act is a change to the understatement of income tax penalty. The normal threshold for a taxpayer to become exposed to the understatement penalty is when the tax on the 1040 return is understated by greater than 10% of the reported tax. However, if the taxpayer claims […]
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