Frank Azar, the powerhouse personal injury lawyer and denizen of countless Colorado billboards, has reached a settlement over a $716,000 tax bill he once sued to stop.
January 5, 2023 at 3:00 p.m. Frank Azar, the powerhouse personal injury lawyer and denizen of countless Colorado billboards, has reached a settlement over a $716,000 tax bill he once sued to stop. The agreement ends a 20-month tax dispute between Azar and the federal government that also gave rise to two related Colorado lawsuits, one of which is still ongoing.
Under the settlement between Azar and the Internal Revenue Service, he agreed to pay the bill plus an additional $53,000, for a total of $769,270. In exchange, the IRS agreed to drop a $143,000 penalty it had levied on the lawyer at the start of 2021. Azar listed $3.9 million in taxable income for 2017. The IRS calculated the actual number to be $5.6 million, according to U.S. Tax Court records obtained by BusinessDen. The settlement was approved by U.S. Tax Court Judge Cary Douglas Pugh on Dec. 13 and obtained by BusinessDen through an open records request. Azar sued the IRS in April 2021, alleging it had made a long list of errors in determining that his 2017 tax return had been erroneous and that he owed an additional $716,443. Azar’s lawsuit claimed the IRS had wrongly determined he made $1.3 million in taxable income from corporations in 2017, had wrongly prohibited him from deducting $193,802 in charitable donations, had ignored his capital losses of $185,175, had wrongly penalized him for a tax return that was accurate, and made five other significant mistakes. The case was scheduled for trial in April 2022 but later delayed at Azar’s request. It was rescheduled for Jan. 9, until last month’s settlement ended the need for a trial. The tax bill has largely been paid, according to court documents. Azar sent the IRS about $312,000 in 2020 and the agency applied a $384,000 credit from Azar’s 2018 taxes to his 2017 debt. If he doesn’t pay the remaining $74,000, interest will accrue. A spokeswoman for Azar declined to comment on the settlement. His tax lawyer, Lakewood attorney Charles Kersch Jr., did not respond to a request for comment. The IRS was represented by Anne Craig, a senior attorney in its Denver office. Craig also did not respond to a request for comment about the settlement.
Please follow us on Google to support us United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Orland Park man to be sentenced in 2017 Beecher crash that killed pregnant mom, 3 kidsSean Woulfe will be sentencing in a Beecher, IL crash that killed pregnant mom Lindsey Schmidt and her three children in 2017.
Read more »
U.S. embassy in Cuba resumes full immigrant visa processing for first time since 2017The U.S. embassy in Havana resumed full immigrant visa processing and consular services for the first time since 2017 on Wednesday in a bid to stem the record-breaking flow of illegal migrants from Cuba north to the United States.
Read more »
N.J. Democratic groups didn’t properly report $875K in contributions in 2017, officials allegeNew Jersey’s Election Law Enforcement Commission issued multiple complaints Wednesday against the Democratic State Committee, Senate Democrat Majority, and the Assembly Campaign Committee.
Read more »
Peta Murgatroyd and Maksim Chmerkovskiy Celebrate Son Shai's Birthday'Dancing With the Stars' pro Peta Murgatroyd can't help but gush over her and Maksim Chmerkovskiy's son, Shai.
Read more »
’Justice for Jeremy’: Family searches for tips in 2017 Montgomery home invasion, murderThe Allen family vividly remembers Father’s Day weekend 2017. They were preparing to celebrate when they got a phone call that would change their lives.
Read more »