Daily Archives: January 21, 2010

What Does The IRS Consider Ordinary Business Care For Abatement of Penalties Purposes?

Ordinary Business Care and Prudence Ordinary business care and prudence includes making provisions for business obligations to be met when reasonably foreseeable events occur.  A taxpayer may establish reasonable cause by providing facts and circumstances showing that they exercised ordinary business care and prudence (taking that degree of care that a reasonably prudent person would [...]

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