A woman who ran a cash-intensive massage therapy business at home failed to file tax returns and did not cooperate with the Internal Revenue Service during an audit. IRS reconstructed her income relying on the income she listed on a credit application she filed with a bank.
The Tax Court sided with the IRS.
Sal Censoprano is a Certified Public Accountant (CPA) and tax practice owner for over 40 years. He was born and raised in Brooklyn, New York and earned his master’s degree in taxation.