Form 5472

In a monumental opinion, the Tax Court recently held that the IRS lacks authority to assess penalties imposed by IRC § 6038(b)(1) or (2). In Fahry v. Commissioner, the

Continue Reading Tax Court Rules IRS Cannot Assess Certain International Reporting Penalties

By Matthew D. Lee and Jonathan Wasser

The Internal Revenue Service plans to provide widespread penalty relief for the late filing of certain tax and information returns for the 2019

Continue Reading Internal Revenue Service Announces Sweeping Penalty Relief for 2019, 2020 Tax Returns