Tax Pro Underreported His Pot Co.'s Income, 9th Circ. Told
Law360 (February 4, 2021, 1:27 PM EST) -- A California licensed tax return preparer committed fraud in underreporting income from his marijuana business, and a U.S. Tax Court ruling holding him liable for penalties should be affirmed, the U.S. told the Ninth Circuit.
Raymond Chico, who founded the marijuana cigarette container company Doobtubes, was uncooperative with the Internal Revenue Service during its audit of his income tax returns, and the Tax Court rightly held him liable for fraud penalties related to his overstating of business expenses and understating of income, the government said in a brief Wednesday.
Chico, whom the government described as a "serial entrepreneur," had plenty of...
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