Tag Archives: Penalties
Any US person that has a financial interest in, or signature authority over, foreign financial accounts whose combined values exceeded $10,000 at any time during the 2014 year, generally must disclose such accounts by filing an FBAR (Report of Foreign Bank … Continue reading
April 15 was the tax day deadline for most people. If you are due a refund there is no penalty if you file a late tax return. But if you owe tax, and you failed to file and pay on … Continue reading
The IRS has created a plethora of penalties that apply to partnerships and partners. This penalty structure is consistent with the IRS’s policy of self assessment and penalties for failing to properly apply the law.
Good news for taxpayers! The Tax Court has concluded that a taxpayer’s failure to include unreported income on his return was reasonable because he relied in good faith on his tax adviser. Consequently, no accuracy-related penalty was imposed. There is … Continue reading