Ten Year Collection Rule

[jainen]

rich people

>>do you happen to know if one can include a 1040 balance due in bankruptcy?<<

How could a 1040 be in a bankruptcy? I thought only rich people pay taxes.

[Unregistered]

Re: Cohan

Black Bart
Cohan is still alive!! It gives a preparer some authority to prepare a tax return where the information provided by the taxpayer is incomplete and the preparer is concerned about the provisions of C230 in §10.34 (standards for signing tax returns).

As an example, I just requested audit reconsideration on returns for 1994-97 where the IRS had done SFRs quite some time ago. The taxpayer had a 3 unit rental at that time but did not have all his records. Clearly, as one example, he had expenses for utilities. In preparing those 4 returns, we attempted to use a reasonable approximation (not a guess) though we did not possess and were unable to obtain all the records. In this case, I think Cohan can be used and allowed me to sign the return under the realistic possibility standard of §10.34.

New York Enrolled Agent