Attorney-at-Law

BELOW ZERO

In Uncategorized on 02/04/2014 at 16:40

No, not the weather forecast for NY or DC, although it might well be, as we anticipate yet another snowdump tomorrow. In fact, I spent a good part of today closing a transaction for a former boss who had gone to Alaska this week to get warm.

Rather, it looks like IRS is mulling over what course to take post-Rand. See Avraham C. Schutz, Docket No. 30420-12S, filed 2/4/14, a day of no opinions and no designated orders, which throws the hard-working blogger back on the unopinionated and undesignated.

Looks simple, right? Judge Lauber: “This case involves refundable credits and the accuracy-related penalty under I.R.C. § 6662(a). Respondent is requesting additional time to file an additional status report or submit decision documents after considering its position in relation to the Court’s recent opinion in Rand v. Commissioner.” Order, at p. 1.

Of course Judge Lauber gives IRS more time. The parties offered a stip of settlement on the trial date in November, Judge Lauber gave them until January to file decision docs, and IRS, albeit late, asked for more time. Judge Lauber doesn’t say whether or not Av objects, but gives IRS until April to let him know what gives.

Now we all remember Rand, right? If not, see my blogpost “The Rebate Debate – Part Deux”, 11/18/13, the story of Yitz and Shul Rand, and how IRS wanted to slug them with an understatement penalty when their tax due went below zero, by including the claimed refundable Additional Child Tax Credit as an underpayment. For further details, see also my blogpost “The Rebate Debate – Redivivus”, 11/22/13.

Tax Court was not amused, and I thought IRS was pulling in its metaphorical horns, even though no Action on Decision has yet floated my way through the Internet.

So what’s to consider? Maybe an appeal? Maybe a Notice?

Stay tuned.

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