Examples of Taxpayers in a sentence
Taxpayers may seek to avoid all or partof the penalty by showing (1) that they acted in good faith and there was reasonable cause for the understatement, (2) that the understatement was based on substantial authority, or (3) that the relevant facts affecting the item's tax treatment were adequately disclosed on the return.
Taxpayers other than “tax shelters” may seek to avoid all or part of the penalty by showing (1) that they acted in good faith and there was reasonable cause for the understatement, (2) that the understatement was based on substantial authority, or (3) that the relevant facts affecting the item's tax treatment were adequately disclosed on the return.
In response to the Federal Deficit Reduction Act of 2005, the New Mexico Legislature passed the Fraud Against Taxpayers Act (“FATA”), which covers all state governmental organizations (not just Medicaid) and provides civil penalties for any person who knowingly submits false or fraudulent claims to the state.
Taxpayers may seek to avoid all or part of the penaltyby showing (1) that they acted in good faith and there was reasonable cause for the understatement, (2) that the understatement was based on substantial authority, or (3) that the relevant facts affecting the item's tax treatment were adequately disclosed on the return.
Reference is made to the schedule of "Taxpayers and Refunds Requested" attached to the Docket for consideration of the City Council.