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Famous Tax Quotes - Must Timely File Using The Best Information Available

2024-02-11

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Continuing our series on Famous Tax Quotes (quotes from court opinions and rulings with language that is colorful or that concisely states an important tax principle), today's tax quote is:

[I]t is well settled that taxpayers must file timely income tax returns on the basis of the best information available to them at the time, and then file an amended return if necessary. Estate of Vriniotis v. Commissioner, 79 T.C. 298, 311 (1982). We accordingly conclude that [the taxpayer] is liable for the late-filing addition to tax for all five years.

Avery v. Commr., T.C. Memo. 2023-18.

Tags: Other - Famous Tax Quotes