Treasury Department Archive

TweetShareSharePin0 Shares   Court Rules FBAR Penalties May Survive Death FBAR Penalties May Survive Death FBAR Penalties May Survive Death: In the past two years, there have been many recent court rulings on matters involving the FBAR (Foreign Bank and Financial Account Reporting) and how penalties should issued and upheld. When a Defendant’s back is

TweetShareSharePin0 Shares Risk of Form 3520 Collection Due Process Hearing Risk of Form 3520 Collection Due Process Hearing: IRS Overview Risk of CDP in Form 3520 Penalty Dispute Matters: When a Taxpayer receives an IRS CP15 notice regarding a Form 3520 penalty — usually for receiving a large gift from a foreign person — they

TweetShareSharePin0 Shares Litigating Form 3520 Penalties in Tax Court Tax Court for Form 3520 Litigation of IRS Assessable Penalties  Tax Court for Form 3520 & Litigating IRS Assessable Penalties:  In the past few years, the IRS has significantly increased assessment and enforcement of Form 3520 penalties (6039F) — along with several other international information return

TweetShareSharePin0 Shares State and local lawmakers are struggling with many tough questions about their post-pandemic economies. Should they anticipate more remote work or plan for most people to return to the office full time? What sectors are most likely to thrive in our new normal? But in Buffalo, NY, they’re stuck on an old question:

TweetShareSharePin0 Shares All European Union (EU) countries and the United Kingdom levy excise duties on distilled alcohol; excise tax is applied to the cost of goods on purchase. The standard size of a liquor bottle in Europe is 700ml (23.7 oz). Many spirits, such as vodka, gin, rum, and whiskey, contain alcohol content in the

TweetShareSharePin11 Shares The U.S. corporate tax code is a complicated behemoth, loaded with numerous arcane provisions—some of these providing special tax breaks, others imposing special tax penalties. Among the latter group, indirect expense allocation rules penalize domestic activities and impose a hidden surtax on foreign profits. While arcane, expense allocation rules are relevant to current

TweetShareSharePin0 Shares As Congress considers repealing or making more generous the $10,000 state and local tax deduction cap in the budget reconciliation process, it is helpful to review how the state and local tax (SALT) deduction is taken by taxpayers across U.S. counties. Using 2018 data from the Internal Revenue Service, we can examine how