News & Analysis as of

Penalties Tax Assessment

Holland & Knight LLP

IRS Authority to Assess Certain Foreign Information Return Penalties Restored by D.C. Circuit

Holland & Knight LLP on

The U.S. Court of Appeals for the District of Columbia Circuit (D.C. Circuit) on May 3, 2024, reversed the U.S. Tax Court (USTC) in Alon Farhy v. Commissioner, No. 23-1179 (D.C. Cir. May 3, 2024) by holding that...more

Franczek P.C.

General Assembly Approves Legislation Allowing All Counties Except Cook County to Waive Interest Penalties for Late Property Tax...

Franczek P.C. on

Last week, the General Assembly adopted legislation that attempts to clarify the power of county boards to waive all or a portion of the interest penalty of 1.5% per month that is normally applied to late property tax...more

Franczek P.C.

Cook County Board to Consider Sixty Day Break on August Tax Bill

Franczek P.C. on

This week Cook County Board President Toni Preckwinkle announced that the County Board of Commissioners will be considering an ordinance at their May 21st meeting to waive penalty interest for 60 days following the August 2nd...more

McDermott Will & Emery

Is an Increase in LB&I Assertion of Penalties on the Horizon?

On May 31, 2019, the Treasury Inspector General for Tax Administration (TIGTA) released a report indicating that changes may be in the works regarding assertion of accuracy-related penalties in examinations handled by the IRS...more

Farrell Fritz, P.C.

Nassau County Commercial Real Property Tax Alert

Farrell Fritz, P.C. on

Annual Survey of Income and Expenses – ASIE-2017 Pursuant to the Nassau County Administrative Code, Section 6-30, the Nassau County Department of Assessment (“the Assessor”) is requiring the submission of 2017 financial data...more

Morrison & Foerster LLP

State + Local Tax Insights - Spring 2017

Penalties: You Can Win - Penalties pose unique problems that are not directly associated with tax assessments. Over 90 years ago, the U.S. Supreme Court stated that, while interest is a form of compensation, penalties are...more

Morrison & Foerster LLP

MoFo New York Tax Insights - Volume 4, Issue 10 - October 2013

In This Issue: Despite Incorrect Advice from NYS Tax Department, Conference Request Held to Be Untimely; Corporate Officer Liable for Sales Tax Despite Creditor’s “Sweep Arrangement” with Corporation; Charter Yacht Not...more

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