So you ask, what is a Whipsaw tax assessment?
Whipsaw tax assessments are statutory notices of deficiency assessments. It is a technique utilized by the examination division of the IRS when auditing an abusive trust situation where a taxpayer has attempted to reduce or eliminate their tax liability through the use of one or more layers of trust entities.
Where the subjects of the examination refuse to cooperate with the Internal Revenue Service and the IRS is unable to accurately determine the correct and agreed tax owed by each entity, the IRS will issue inconsistent notices of deficiency (one to the individuals, one to the business trust, and one to the family trust)
Fresh Start Tax is one of the premier tax resolution firms in the country. We deal with all types of civil cases including individuals, businesses, non-profits, partnerships and corporations. We have staff that specialize in every facet of IRS representation. We know all the IRS tax strategies because of our extensive IRS working backgrounds. Some of our many specialties include the following:
- Immediate Tax Representation
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- State Sales Tax Cases
- Trust Fund Penalty Cases/6672
- Non-filers, never filed, old and past due tax returns
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