Tax Guy: Take a look at this real-life tax horror story

In a recent decision, the Tax Court agreed with the IRS that the wife of a deceased business owner owed over $15,000 in unpaid federal income tax and related penalties after her late husband failed to correct the unintended incorporation of the family business. Here are the gory details of this real-life tax horror story and the resulting moral.

The facts

The taxpayers were a married joint-filing couple who owned a Michigan ticket sales company called Ultimate Presales. The husband started the business in 2006 and was the proprietor. The business involved buying and reselling tickets to sporting events, concerts, and other events.

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