Florida Fintech Fights IRS Over $1.2 Million in Additional Taxes

Florida-based fintech CFS Investors LLC is disputing the IRS’s assessment of nearly $1.5 million in additional taxes and penalties.

The IRS incorrectly imputed a $1.2 million underpayment and $241,000 in penalties on the business, after adjusting a number of line items on its 2021 taxes, according to a petition filed at the US Tax Court.

The firm filed a petition with the US Tax Court Sept. 23, arguing the IRS incorrectly disallowed about $2.38 million in claimed “intangible assets” for net rental real estate income for the 2020 tax year. The IRS also wrongly reduced CFS Investors’ amortization expenses by ...