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Discuss Actions a Taxpayer Can Take If It Is Anticipated

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Essay

Discuss actions a taxpayer can take if it is anticipated that his income taxes will be substantially underpaid in order to minimize penalties.


Definitions:

Automation Process

The use of technology and software to operate and control production and service processes with minimal human intervention.

Storyboarding

A visual process in filmmaking, gaming, and advertising where sequences of drawings or images are laid out to pre-visualize scenes and sequences.

Original Cost

The initial purchase price or production cost of an asset or investment, not including subsequent expenses or depreciation.

Designer Dresses

High-fashion garments created by professional fashion designers, often noted for their uniqueness, quality, and price.

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