Consequences of Not Filing Go Beyond the Nonfiling Penalty


Practice & Procedures

Recently, the Tax Court denied a taxpayer a deduction for a claimed theft loss because, even if he could prove that the loss had occurred, he had not filed a tax return for the year of loss and as a result did not make a proper election to itemize deductions (Murray, T.C. Memo. 2012-213). The Tax Court’s opinion illustrates that not filing a return on time can have results other than a nonfiling penalty. For more details go to The Tax Adviser

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