Opinion
23131-22
08-28-2023
RICHARD FISCHIO & LORRAINE FISCHIO, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
ORDER AND DECISION
Kathleen Kerrigan, Chief Judge
On August 25, 2023, the parties filed a Settlement Stipulation and Proposed Stipulated Decision for the Court's consideration. The proposed decision document is improper, insofar as it incorporates, above the intended judicial signature, matters regarding payment of the I.R.C. section 6662(a) accuracy-related penalty.
In view of the foregoing, to give effect to the agreement of the parties in this case, and for cause, it is
ORDERED that the parties' Proposed Stipulated Decision is recharacterized as the parties' Stipulation of Settlement. Taking into account the basis for settlement reached between the parties, as reflected in that document, and incorporating herein the facts stipulated by the parties as the findings of the Court, it is further
ORDERED AND DECIDED that there is a deficiency in income tax due from petitioners for the taxable year 2020 in the amount of $6,609.00, and that there is an overpayment in income tax due to petitioners for the taxable year 2020 in the amount of $938.00, which amount was paid on May 11, 2022, and for which amount a claim for refund could have been filed, under the provisions of I.R.C. section 6511(b)(2), on July 25, 2022, the date of the mailing of the notice of deficiency; and
That there is a penalty under I.R.C. section 6662(a) due from petitioners for the taxable year 2020 in the amount of $781.00.