A new court case now allows the IRS to immediately collect $10,000 penalties from U.S. owners of foreign corporations who fail to file Form 5471. For taxpayers with foreign corporations, the IRS just ...

Forbes contributors publish independent expert analyses and insights. Matthew Roberts is a tax attorney who covers tax litigation and fraud. Taxpayers with foreign assets often have international ...

The Fast Company Executive Board is a private, fee-based network of influential leaders, experts, executives, and entrepreneurs who share their insights with our audience. BY Katelynn Minott With the ...

In the recent U.S. Tax Court’s decision in Farhy v. Commissioner 160 T.C, No. 6 (April 3, 2023), the court ruled that the Internal Revenue Service lacks authority to assess and collect penalties from ...

The American Institute of CPAs is asking the Internal Revenue Service to provide relief from tax penalties to taxpayers who are required for the first time to file information returns related to ...

The Internal Revenue Service has made progress in its ability to correctly assess penalties on U.S. taxpayers who are late in filing information returns on their involvement in foreign corporations, ...

Earlier this month, the U.S. Court of Appeals for the District of Columbia Circuit issued a decision in Farhy v. Commissioner, No. 23-1179 (May 3, 2024), reversing the Tax Court’s decision that held ...