$52,365.60 Federal Income Tax Assessment Reduced To $2,478 by U.S. Tax Court
Taxpayer received a Notice of Deficiency from the IRS proposing additional federal income tax for three tax years. The basis for the proposed assessment was alleged unreported income and disallowed Schedule C expenses. DeWitt Law represented the Taxpayer in U.S. Tax Court to challenge the Notice of Deficiency. The Court entered an order reversing the proposed assessments for two years and substantially reducing the remaining year to $2,478.
$271,770 Tax Assessment Reversed to $0
United States Tax Court – Taxpayer was audited by the IRS for tax year 2020. The IRS determined that the Taxpayer failed to report taxable income from the sale of his home, resulting in an additional tax assessment of $271,770. DeWitt Law represented the Taxpayer and challenged the assessment by filing a petition in U.S. Tax Court. The Court entered an order reversing the tax assessment.
Reversal of Tax Judgment by Arkansas Supreme Court
Arkansas Supreme Court – DeWitt Law represented an Arkansas couple (the “Taxpayers”) before the Arkansas Supreme Court to challenge a judgment for additional Arkansas income taxes entered against the Taxpayers by the Garland County Circuit Court. The Arkansas Supreme Court held in favor of the Taxpayers by reversing the judgment and remanding the case back to the trial court.
$173,125 Income Tax Assessment Reversed
United States Tax Court – Taxpayer was audited by the IRS for tax year 2018. The IRS determined that the Taxpayer failed to report taxable income from the sale of his home, resulting in an additional tax assessment of $173,125 (excluding interest). DeWitt Law represented the Taxpayer and challenged the assessment by filing a petition in U.S. Tax Court. The Court entered an order reversing the tax assessment.
$1,420,838 Income Tax Assessment Reversed to $0
United States Tax Court – Taxpayer was audited by the IRS after a third-party cryptocurrency exchange reported to the IRS gross proceeds the Taxpayer received from selling cryptocurrency. The IRS proposed additional tax of $1,095,708 plus penalties of $219,142 and interest of $105,988. DeWitt Law represented the Taxpayer and challenged the assessment in U.S. Tax Court. The Court reversed the assessment in full, resulting in $0 of additional tax owed.