On Monday, Mr Cushnahan was granted permission to seek judicial review of the TAC’s February 2023 decision which found he did not discharge the burden of proof to show the amount assessed by Revenue was not payable.
As well as bookkeeping, preparing accounts and tax returns at Houlihan Cushnahan, the applicant says he was involved in the creation of syndicated property investment trusts of which partners in the accountancy practice were trustees. His action alleges the TAC failed to give sufficient weight to evidence he submitted outlining the existence of investment syndicates, the creation of trusts and finance raised on behalf of those syndicates and the amount of commission to be paid.
The concept of “accrual” accounting is a fundamental accounting principle that the Tax Consolidation Act of 1997 specifically requires to be applied over a “receipts basis”, he adds.