News & Analysis as of

Tax Penalties

Fox Rothschild LLP

IRS to Focus on High-Income Earners Who Have Not Filed Tax Returns Since 2017

Fox Rothschild LLP on

The IRS expects to send out over 125,000 collection letters to high-income taxpayers who did not file one or more federal income tax returns between 2017 and 2021. As part of the new collection initiative, approximately...more

Mintz - Venture Capital & Emerging Companies...

Section 409A Valuations: Mastering the Art and Science in a Volatile Venture Market

Within the unpredictable landscape of start-ups and private companies, market volatility can significantly alter a company’s financial trajectory. An integral part of navigating this volatility is understanding the role and...more

Tonkon Torp LLP

Department of Labor Issues Final Rule on Independent Contractors

Tonkon Torp LLP on

The U.S. Department of Labor has published its final rule on how to determine whether a worker is an independent contractor or an employee under the Fair Labor Standards Act (FLSA). The rule is effective March 11, 2024, and...more

Cole Schotz

United States Department of Labor Releases New Rule for Independent Contractor Classification

Cole Schotz on

On January 9, 2024, the United States Department of Labor (“DOL”) released a final rule (the “Final Rule”) setting forth new standards for determining whether an individual may be classified as an independent contractor under...more

Verrill

Safe Harbor Exception for De Minimis Dollar Amount Reporting Errors

Verrill on

As part of the routine administration of employee benefit plans, shortly after the end of a calendar year, many transactions must be reported to the federal government (“information returns”) and participants (“payee...more

Fox Rothschild LLP

New IRS Program Lets Businesses Repay Questionable Employee Retention Credits at a Discount

Fox Rothschild LLP on

The Internal Revenue Service has announced a new Voluntary Disclosure Program (VDP) that offers businesses a limited-time opportunity to repay improperly claimed Employee Retention Credits (ERC) at a discount while avoiding...more

Gray Reed

IRS Concedes Yet Another Form 3520 Related Penalty Case

Gray Reed on

United States citizens and residents are often not aware of the myriad of foreign information return filing obligations that exist under federal tax laws.  For example, buried within the Code are reporting obligations...more

Miller Canfield

You Can’t Rely on Your Tax Preparer to Avoid Failure to File Penalties

Miller Canfield on

In Lee v. United States, the Federal Court of Appeals for the Eleventh Circuit held that a taxpayer could not avoid late filing and late payment penalties because of the failure of his CPA to electronically file his returns...more

Tucker Arensberg, P.C.

The Employee Retention Tax Credit is on Hold

Tucker Arensberg, P.C. on

The IRS has placed it’s popular employee retention tax credit program on hold. Claims filed after September 14, 2023 will be placed on hold until at least the end of the year....more

Gray Reed

IRS Sanctioned for Bad Faith on Supervisory Approval of Penalties While Proposed Regulations on the same Issue are Pending

Gray Reed on

A hearing is scheduled for September 11, 2023 for interested persons and organizations to provide testimony on proposed regulations on the timing and approval process for penalties. Section 6751(b) provides that...more

Vicente LLP

US Officially Recognizes Medical Use and Safety of Cannabis: The Top 6 Things to Know About Schedule III and the Process Ahead

Vicente LLP on

On August 30, 2023, the federal government formally acknowledged the medical use and low potential of abuse for cannabis, with the US Department of Health and Human Services (HHS) recommending that cannabis be rescheduled to...more

Cadwalader, Wickersham & Taft LLP

Limited Partner Exception Challenged by Hedge Fund Legend

An investment management firm founded and owned by legendary investor (and New York Mets owner) Steve Cohen on August 11 filed a petition in Tax Court contesting an IRS audit adjustment in the amount of $344,063,484 for tax...more

Holland & Knight LLP

Consejo de Estado de Colombia: sanciones e intereses en déficit de autorretenciones

Holland & Knight LLP on

El Consejo de Estado de Colombia en Sentencia de 19 de julio de 2023 (radicado 26209) concluyó que cuando se presenten déficit en las autorretenciones mensuales por impuesto sobre la renta frente al total de ingresos...more

McDermott Will & Emery

Weekly IRS Roundup June 5 – June 9, 2023

McDermott Will & Emery on

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of June 5, 2023 – June 9, 2023...more

Eversheds Sutherland (US) LLP

Relief from the heat: IRS provides penalty waiver for taxpayers not considering CAMT liability in 2023 estimated tax payments

On June 7, 2023, the IRS released Notice 2023-42 (the Notice), providing taxpayers relief from the addition to tax under Section 6655 in connection with the application of the new corporate alternative minimum tax (CAMT). In...more

Miller Canfield

A Remittance to the IRS May Not Always Operate as Intended

Miller Canfield on

A taxpayer against whom the IRS determines—not "assesses" but "determines"—a tax deficiency must decide whether to make a remittance to the IRS and if so, whether the remittance is to be treated as a "deposit" or as a...more

McDermott Will & Emery

Tax Court Tells IRS It Cannot Assess or Collect Certain Tax Penalties

McDermott Will & Emery on

On April 3, 2023, the US Tax Court issued its opinion in Farhy v. Commissioner, holding that the Internal Revenue Service (IRS) lacked the statutory authority to both assess tax penalties under Internal Revenue Code (Code)...more

Holland & Knight LLP

Tax Court: IRS Lacks Authority to Assess Certain Foreign Information Return Penalties

Holland & Knight LLP on

The U.S. Tax Court (USTC) on April 3, 2023, issued its opinion in Alon Farhy v. Commissioner, which held that the IRS lacks authority to assess certain foreign-related information return penalties pursuant to Section...more

McDermott Will & Emery

IRS Proposes New Regulations to Settle Supervisory Approval of Penalties Requirements

McDermott Will & Emery on

The Internal Revenue Service (IRS) has proposed regulations to clarify the rules regarding supervisory approval of federal civil tax penalties under IRC Section 6751(b). Since Chai v. Commissioner, there has been a...more

Skadden, Arps, Slate, Meagher & Flom LLP

Tax Court Rules IRS Lacks Authority To Assess Penalties Under Section 6038

On April 3, 2023, the Tax Court ruled in Farhy v. Commissioner1 that the Internal Revenue Service (IRS) lacks the authority to assess penalties under Section 6038(b) of the Internal Revenue Code (the Code) and may not proceed...more

Freeman Law

IRS Lacks Statutory Authority to Assess Certain Form 5471 Penalties

Freeman Law on

The recent Tax Court decision in Farhy demonstrates that clever and novel arguments can carry the day in complex tax litigation matters.  In that case, the taxpayer stipulated that he:  (1) had Form 5471 filing obligations...more

Freeman Law

IRS Issues Proposed Regulations under Section 6751(b)

Freeman Law on

When is Written Managerial Approval Required? In 1998, Congress sought to provide additional protections to taxpayers through passage of the Internal Revenue Service Restructuring and Reform Act (the “Act”).  Buried within...more

Bilzin Sumberg

Playing Battleship with the IRS: Assessing the Damages

Bilzin Sumberg on

In a prior post, I discussed the dangers of playing Battleship with the IRS. Recently, taxpayers made a move and scored a hit with the Tax Court’s  recently issued decision in Alon Farhy v. Commissioner, 160 T.C. No. 6 (April...more

Jones Day

Brazilian Tax Amnesty Program Temporarily Mitigates Unfavorable Change to Tax Proceedings (UPDATED)

Jones Day on

In Short - The Background: Most Brazilian companies face tax underpayment assessments in light of a complicated tax regime. The Lula government is planning to significantly expand government expenditures and thus needs to...more

McDermott Will & Emery

Tax Court Rules That the IRS Cannot Assess or Collect Certain Tax Penalties

On April 3, 2023, the US Tax Court issued its opinion in Farhy v. Commissioner, ruling that the Internal Revenue Service (IRS) could neither assess tax penalties under Internal Revenue Code (Code) Section 6038(b) against Alon...more

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Updated: Dec 28, 2021:

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Information for EU and Swiss Residents

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Privacy Officer
JD Supra, LLC
150 Harbor Drive, #2760
Sausalito, CA 94965

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Privacy Officer
JD Supra, LLC
150 Harbor Drive, #2760
Sausalito, CA 94965

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Contacting JD Supra

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Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

If you have any questions about how we use cookies and other tracking technologies, please contact us at: privacy@jdsupra.com.

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