James D. Horn - Page 9

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          petitioner’s accountant, Philip Kenneth Ware, C.P.A., who had               
          prepared petitioner’s late-filed 1992, 1993, and 1994 income tax            
          returns and his 1990 and 1991 amended returns,3 petitioner’s                
          attorney, James Ganser, and petitioner’s daughter and bookkeeper,           
          Susan Azevedo, to discuss the audit results and petitioner’s                
          request that respondent waive the late-filing and accuracy-                 
          related penalties.  Agent Urrutia explained his adjustments,                
          answered questions, and informed those present he would concede             
          the penalties on the basis of the medical records petitioner had            
          provided about his psychiatric problems.  At the conclusion of              
          the meeting, petitioner and his former spouse signed a Form 4549-           
          CG, accepting Agent Urrutia’s adjustments to their 1991 through             
          1993 returns, accepting disallowance of the carrybacks claimed on           
          their amended returns for 1990 and 1991, and showing deficiencies           
          in petitioner’s 1991, 1992, and 1993 income taxes of $146,459,              
          $108,404, and $15,762, respectively, plus substantial interest              
          accruals on the unpaid balances.  The Form 4549-CG contained the            
          following waiver:                                                           
                    Consent to Assessment and Collection - I do not                   
               wish to exercise my appeal rights with the Internal                    
               Revenue Service or to contest in United States Tax                     
               Court the findings in this report.  Therefore, I give                  
               my consent to the immediate assessment and collection                  
               of any increase in tax and penalties, and accept any                   
               decrease in tax and penalties shown above, plus                        
               additional interest as provided by law.  It is                         

               3Mr. Ware thereafter prepared petitioner’s 1996 return.                

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