Tax Court Resolves Procedural Issue in Credit Card Late Fee Case, But Discusses the Substantive Issues
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Source: Volume 22, Number 02, November/December 2008 , pp.54-57(4)
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Abstract:
The court concluded that the taxpayers had not received consent from the IRS to change their method of accounting, and that the retroactive change they sought was therefore an impermissible change in method under Section 446(e) and Reg. 1.446-1(e)(2)(ii)(a).Keywords: Form 3115; Section 1272(a)(6)(C)(iii); Grace Period Interest; Cash Advance Fees; Overlimit Fees; Annual Fees; Interchange Fees; Late Fees
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