It took seven years, but Charles Ulrich did something many people dream about, but few succeed at: He beat the IRS in a tax dispute.The coolest part is he did it all on his own.
Not only that, but tax experts say potentially millions of other taxpayers could benefit from his victory.
The accountant from Baxter, Minn., challenged the method the IRS has used for more than 20 years to tax shares and cash distributed by mutual life insurance firms to their policyholders when they reorganize as public companies.
A federal court recently agreed with his interpretation.
"There's a tremendous amount of money at stake," said Robert Willens, a New York City-based tax analyst at Robert Willens LLC. "Tens of thousands of people could be in line for a refund."
Monday, August 25, 2008
Accountant, Hero
This story is cool:
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Not having life insurance, this holds only one important nugget for me:
ReplyDelete...does this mean we can count Charles Ulrich as a "Hero" for Scattergories purposes?
Who said that accountants are a boring group of stuffed shirts. ;)
ReplyDeleteWho said that accountants are a boring group of stuffed shirts. ;)
ReplyDeleteJack...you did. Twice.
ReplyDeleteSome time ago, I disputed a fine (which was totally deserved - I hadn't filed taxes in 2 years); well, disputed isn't quite accurate, I told them that they were right and admitted that it was totally my own fault. I guess it was more like appealing to their sense of generosity.
ReplyDeleteAnd guess what - they revoked the fine and gave me my money back!!!
DH - I've tried that in the past. It used to work, but it did NOT work last week... oy.
ReplyDelete