penalties: Substitute Return Penalties Are Valid—Llanos v. Commissioner
- 02/10/21 06:06 AM
A must read by: Zachary J. MontgomeryMr. Montgomery is a dual-credentialed attorney and CPA. He is also a Certified Fraud Examiner and has gained diverse business and tax experience from Deloitte & Touche, PricewaterhouseCoopers, and Ernst & Young. He also serves on the Federal Tax Policy committee for the Texas Society of CPAs. Substitute Return Penalties Are Valid—Llanos v. Commissioner … (0 comments)
penalties: International Reporting Penalties
- 02/18/20 11:18 AM
Taxpayers with interests in foreign financial assets, financial accounts, and/or foreign trusts may have certain tax reporting obligations with the IRS. For example, taxpayers with a financial interest in or signature authority over foreign financial accounts with an aggregate value of over $10,000 at any time during the calendar year must file a Report of Foreign Bank and Financial Account (“FBAR”). 31 U.S.C. § 5314. The IRS has the authority to impose serious penalties on taxpayers for failing to meet their international reporting obligations. The most common international reporting penalties are discussed below.
Taxpayers who have an aggregate value of over $10,000 … (0 comments)
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