No Runny Eggs

The repository of one hard-boiled egg from the south suburbs of Milwaukee, Wisconsin (and the occassional guest-blogger). The ramblings within may or may not offend, shock and awe you, but they are what I (or my guest-bloggers) think.

The rules are for thee, not for me – TurboTaxTimmy edition

by @ 11:13 on August 27, 2009. Filed under Politics - National, Taxes.

(H/T – DRJ)

The TaxProfBlog found that, a few short months after Treasury Secretary “TurboTax” Timothy Geithner successfully dodged criticism and possible legal consequences over his failure to timely pay taxes by claiming TurboTax didn’t properly process his income tax returns for several years, the Tax Court rejected that defense in another case:

Petitioners have not met their burden of persuasion with respect to reasonable cause and good faith. Mr. Hopson admitted that he received both Forms 1099-R for the distributions and that he knew they constituted income. After using tax return preparation software for nearly 20 years, he simply filed the return that was generated by the software without reviewing it. The omission of the distributions resulted in the failure to report over 40 percent of petitioners’ total income for the year. Granted this was a one-time event, but petitioners nevertheless had a duty to review their return to ensure that all income items were included. Petitioners were not permitted to bury their heads in the sand and ignore their obligation to ensure that their tax return accurately reflected their income for 2006. In the end, reliance on tax return preparation software does not excuse petitioners’ failure to review their 2006 tax return.

Do note that the decision of the Star Chamb…er, Tax Court is final; according to the Internal Revenue Code, not even the Supreme Court can review it. Also note that it is not precedent-setting.

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