Penalties, Failure-to-File

Corporate Transparency Act – Yes, it’s Back, but no Fines or Penalties for Now

Bowditch & Dewey on 3/3/2025

On February 27, 2025, in a move to comply with the Treasury’s commitment to reducing regulatory burdens on businesses, FinCEN announced that it will not impose fines or penalties or take other enforcement actions against any...more

When is a US Taxpayer Required to Disclose Offshore Accounts on an FBAR and Form 8938

Allen Barron, Inc. on 4/30/2024

When is a US Taxpayer required to disclose offshore accounts on an FBAR and IRS Form 8938? While many US taxpayers and expatriates have come to understand the requirements of the FinCEN Form 114 or FBAR, a surprising number...more

FBAR Penalty Defenses and Techniques: The Wrong “Willful” Penalty Computation

Gray Reed on 10/11/2023

On September 8, 2023, the IRS issued a News Release suggesting that FBAR compliance investigations and audits would heat up in the near future. For those unfamiliar with FBARs, federal law requires United States persons to...more

Tax Court Rules IRS Cannot Assess Certain International Reporting Penalties

Fox Rothschild LLP on 4/12/2023

In a monumental opinion, the Tax Court recently held that the IRS lacks authority to assess penalties imposed by IRC § 6038(b)(1) or (2). In Fahry v. Commissioner, the taxpayer failed to file Forms 5471 reporting his interest...more

Treasury Publishes First-Ever CFIUS Enforcement and Penalty Guidance

King & Spalding on 11/2/2022

Publication indicates a more robust enforcement posture - On October 20, 2022, the U.S. Department of the Treasury (“Treasury”) released the first-ever Enforcement and Penalty Guidelines (the “Guidelines”) for the...more

DOL Announces Higher Penalties for Plan Compliance Errors

Fisher Phillips on 3/3/2022

Since 2015, federal agencies have been required to annually review the laws and regulations they enforce to adjust applicable penalties for inflation. The idea has been to provide increasingly greater incentives for plan...more

Recent MCDC Settlements Provide Guidance Concerning Scope of Materiality in Continuing Disclosure Obligations

Foley & Lardner LLP on 10/30/2015

In responding to the Securities and Exchange Commission’s recent Municipalities Continuing Disclosure Cooperation (MCDC) initiative, the unanswered question for many municipalities and broker-dealers was determining whether...more

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