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• W389486538 abstract "The Office of Chief Counsel (OCC) advised in Chief Counsel Advice (CCA) 201238026 that the assessment period is not extended for the personal tax liability of a shareholder who did not take part in the fraud reflected on his S corporation's Form 1120S, U.S. Income Tax Return for an S Corporation. Sec. 6501(a) generally requires the IRS to assess any tax within three years after a return is filed by a taxpayer. One of several exceptions to the three-year assessment period is Sec. 6501(c)(1), which provides for an unlimited assessment period in the case of a false or fraudulent return with the intent to evade tax. Generally, the statutory requirement of an intent to evade tax looks at the intent of the taxpayer who filed a return. However, there are several exceptions, such as cases involving spouses filing joint returns (where both spouses are liable for deficiencies by virtue of the joint filing) or TEFRA unified partnership proceedings. As explained in the CCA, shareholders A and B were equal owners of an S corporation engaged in the business of roofing, remodeling, and repairing buildings. The corporation often hired subcontractors to perform work for customers, and the subcontractors billed the corporation for their work. In addition to working for the corporation, some subcontractors worked for shareholder B personally Shareholder B instructed these subcontractors to record false job site addresses of the corporation's customers on their invoices rather than his personal address, where the work had been performed. He also changed the address on other personal invoices from his own to those of the corporation's job sites. His actions caused many personal expenses to be falsely recorded as business expenses on the corporation's books and deducted on its tax return. This resulted in an understatement of the S corporation's income that passed to shareholders A and B and was reported on their personal tax returns. Shareholder B was convicted of various tax crimes, including fraud and filing false individual and corporate tax returns. Shareholder A did not sign the S corporation's tax return, nor did he participate in the preparation of the return. There was also no evidence that he was aware of shareholder B'S fraudulent activities. Consequently, the Small Business/Self-Employed Division attorney sought advice from the OCC as to whether shareholder A'S personal return could be assessed a tax deficiency, given that it had been filed approximately 10 years earlier. Case law has established that the mere act of reporting fraudulently understated income from an S corporation on the personal return of a shareholder does not automatically make the shareholder guilty of fraud. Instead, to determine whether an unlimited assessment period is appropriate, the IRS must examine the activities of each shareholder. According to the CCA, this is similar to the way the assessment statute has been applied to spouses. Fraud by one spouse holds the assessment period open for the other spouse only when the spouses file a joint return, not when they file separate returns. Because shareholders A and B filed separate tax returns and the fraudulent amounts reflected on shareholder A's return did not arise from his actions, the OCC advised that the general three-year assessment period applied to his return. …" @default.
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• W389486538 date "2012-12-01" @default.
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• W389486538 title "No Extended Assessment Period for Innocent S Shareholder" @default.
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