What You Don't Know Can Hurt You: Paying for Preparer Fraud
Posted: 14 Jul 2016
Date Written: December 21, 2015
Abstract
In this article, Wallwork examines the circuit split that has recently developed over whether a return preparer's fraud is sufficient to toll the three-year statute of limitations on federal tax assessments. By rejecting the Tax Court's rule, the Court of Federal Claims and the Federal Circuit have created a situation in which wealthy, well-advised taxpayers may be able to completely escape the perpetual liability and compound interest that their less-fortunate counterparts must face.
Keywords: Tax, Fraud, Preparer Fraud, Accounting, Tax Court, Claims Court, Federal Circuit, Court of Claims, Statute of Limitations, Section 6501(c)(1)
JEL Classification: F38, H2
Suggested Citation: Suggested Citation