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January 2016 » The ‘Reasonable Cause and Good...
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Henry Stow Lovejoy, JD
The gold standard for a “reasonable cause and good faith” defense to a tax penalty is reliance on advice from a professional tax advisor who is informed of all the relevant facts. But recent cases that have disallowed “hobby loss” deductions for operating a horse farm demonstrate that professional tax advice is not the only way to establish reasonable cause and good faith. These cases suggest that if taxpayers are serious about an activity, they can avoid an accuracy-related penalty.
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