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Questions Answered by A. Brian Phillips
1 Answer | Asked in Tax Law for Florida on
Q: Can I get a substantial underpayment penalty abated based on incorrect advice given to me by my accountant?

My 2020 return was audited, and the IRS sent me a 30-day letter proposing a substantial underpayment penalty based on disallowed business deductions that my accountant told me I was entitled to.

A. Brian Phillips
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answered on Apr 11, 2023

You will need to protest the 30-day letter's proposed adjustments. Generally, a taxpayer who can show "reasonable cause" has a good chance of securing penalty relief. Fully informed advice from a competent tax advisor is a solid ground for showing reasonable cause and obtaining such... View More

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