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The complaint said that Ondrak helped clients use sham entities and bogus transactions in order to fraudulently understate their tax liabilities.
A preparer is considered to have willfully attempted to understate liability if the preparer disregards, in an effort to wrongfully reduce the taxpayers tax liability, information furnished by the taxpayer or other persons.
The new reporting system, mandated by the State Board of Education in January, will result in dropout rates several times higher than those seen in the past - and will still understate the true rates.
Finally, T probably understates APEs as applied to this particular project.
Spending on these upgrades boosts the value of a building, and thus understates the true rate of loss in the original construction value.
Even this impressive figure, however, understates the scrutiny to which large corporate taxpayers are subjected, for the returns of unaudited CEP taxpayers are "carefully reviewed .
19 story understates how much time he spent over the years with his son, Taft High of Woodlands Hills quarterback Josh Portis.
Preparers can be penalized up to 40% of the understated tax liability of an incorrect tax return--for example, one in which a taxpayer understates income or overstates deductions to reduce the amount of the tax liability.
Los Angeles school officials said Friday that they will correct a letter distributed to more than 630,000 parents that understates how much property owners would have to pay if they approve the district's $3.
But what happens if that spouse intentionally mis-states income or deductions and thus understates the couple's tax liability?