Tax Return Penalties Denver CO - Denver CO, legal attorney, Denver CO legal help, Denver CO legal advice, Denver CO penalties, Denver CO negligence, Denver CO disregard of rules and regulations

Local Companies

Jackson Hewitt Tax Service - Westminster
(303) 428-9050
4955 West 72nd Ave., Unit C
Westminster, CO

INTEGRATED TAX ADVISORS
303726-8931
3631 East Mineral Place
Centennial, CO

H&R BLOCK
720371-9714
6930 S. University Blvd
Centennial, CO

VANTIVE PARTNERS - SOUTHWEST PLAZA
303973-1310
8906 W Bowles
Littleton, CO

K. G. CONSULTANTS, INC.
303773-0277
9000 E. Nichols Ave
Centennial, CO

VANTIVE PARTNERS - SOUTHWEST LITTLETON
303948-1032
12482 W Ken Caryl #A2A
Littleton, CO

VANTIVE PARTNERS - HIGHLANDS RANCH
303471-4174
2223 W Wildcat Reserve Parkway Suite G-3
Highlands Ranch, CO

Financial Decisions
(303) 759-8248
1325 S Colorado Blvd Ste 26
Denver, CO

Jackson Hewitt Tax Service
(303) 671-6877
9400 E Hampden Ave
Denver, CO

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This penalty is really composed of two alternative penalties. The first is the negligence prong and the second is the disregard of the rules and regulations prong.

"Negligence"
"Disregard of rules & regulations"

"Negligence"

"Negligence" includes (but is not limited to) any failure:

(1) to make a reasonable attempt to comply with the internal revenue laws;
(2) to exercise ordinary and reasonable care in preparation of a tax return; or
(3) to keep adequate books and records or to substantiate items properly.

Moreover, taking a position on your return that has a reasonable basis is not negligence. The IRS will typically find negligence if a taxpayer (1) fails to include on an income tax return income reported on an information return (such as an IRS Form 1099) or (2) fails to make a reasonable attempt to ascertain the correctness of a deduction, credit, or exclusion that would seem to a reasonable person to be "too good to be true".

"Disregard of rules & regulations"

This prong may be asserted if you carelessly, recklessly or intentionally disregard IRS rules and regulations - by taking a position on your return with little or no effort to determine whether the position is correct or knowingly taking a position that is incorrect.

Adequate disclosure on your tax return is not a defense against the negligence prong of the penalty, but may be a defense against the disregard prong. However, disclosure alone is not enough - you must show that there was a reasonable basis for the position.

Featured Local Company

Jackson Hewitt Tax Service - Westminster

(303) 428-9050
4955 West 72nd Ave., Unit C
Westminster, CO