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On their late-filed joint Federal income tax returns,
petitioners reported Schedule C, Profit or Loss From Business,
income and Form 1099 income relating to petitioner’s work as a
bookkeeper and tax return preparer for his father’s accounting
firm and relating to petitioner’s work as a seller of insurance
and alarm systems.
Petitioners did not report on the above late-filed joint
Federal income tax returns income petitioner had received for
bookkeeping and tax return preparation services petitioner had
rendered for his own clients.
Petitioners made no payments with the above late-filed tax
returns.
On audit for 1990 through 1993, utilizing specific items of
income that had been deposited by petitioner into bank accounts,
the existence of which accounts petitioner had not disclosed to
respondent’s representatives, respondent determined that
petitioners had not reported on the above Federal income tax
returns the income petitioner had received from the bookkeeping
and tax return preparation services petitioner had rendered for
his own clients.
The schedule below reflects the total net business income
reported on petitioners’ joint Federal income tax returns for
1990, 1991, 1992, and 1993, as late filed on January 5, 1996, the
income that was earned by petitioner for bookkeeping and tax
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Last modified: May 25, 2011