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On audit with the McNultys’ returns, the IRS issued notices of deficiency, identifying that Donna obtained a taxable distribution from her IRA that she did not report. The auditor also identified the McNultys would be accountable for accuracy-associated penalties.
In 2015, Donna didn’t account for the value of your residual income remaining in Green Hill LLC’s checking account. In 2016, she didn’t account for the value with the silver cash in her Secure. KTC relied only about the values that Donna furnished. It experienced no function while in the administration of Green Go Here Hill LLC, the purchase in the coins or the administration with the IRA assets.
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