Supreme Court Says 6 Years Too Long to Collect $1B
The Supreme Court ruled today that the IRS took too long to get back taxes from Home Concrete & Supply LLC in the company’s tax shelter case. Home Concrete & Supply LLC was company formed in order to create the infamous Son of Boss abusive tax shelter scheme. Obviously, they eventually got caught and were slammed with a $1 Billion tax bill.
So, how long is too long? Well, in this case, the Supreme Court ruled that the statute of limitations to collect this hefty (…and might I add U.S. deficit lowering) tax debt clearly brought on by shady activity…was three years. The IRS wanted to extend it to six years…but the Supreme Court was firm on its ruling. Home Concrete & Supply LLC is ecstatic, of course.