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IRS Has No Statutory Authority to Assess Penalties for IRS Form 5471

The U.S. Tax Court ruled recently that the U.S. Internal Revenue Service has no statutory authority to assess (or collect) civil penalties under IRC §6038(b) for failure to file or filing late IRS Form 5471, “Information...more

IRS Sending Penalty Refunds to 1.6 Million Taxpaying Companies and Individuals

It’s a man-bites-dog story when the tax man gives money away. That’s exactly what the Internal Revenue Service (IRS) intends to do. In a seemingly unprecedented move, the IRS announced plans to return approximately $1.2...more

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