Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of June 5, 2023 – June 9, 2023...more
6/13/2023
/ Business Taxes ,
Corporate Taxes ,
Failure-to-File ,
Income Taxes ,
Interest Rates ,
IRS ,
Life Insurance ,
Right To Appeal ,
Tax Deductions ,
Tax Extensions ,
Tax Penalties ,
Tax Reform ,
Tax Refunds ,
Tax Returns
On April 3, 2023, the US Tax Court issued its opinion in Farhy v. Commissioner, holding that the Internal Revenue Service (IRS) lacked the statutory authority to both assess tax penalties under Internal Revenue Code (Code)...more
The Internal Revenue Service (IRS) has proposed regulations to clarify the rules regarding supervisory approval of federal civil tax penalties under IRC Section 6751(b). Since Chai v. Commissioner, there has been a...more
Since Chai v. Commissioner, an opinion by the US Court of Appeals for the Second Circuit subsequently followed by the US Tax Court in several opinions, there has been a substantial number of cases litigating issues involving...more