Farhy v. Commissioner In a recent landmark ruling, Farhy v. Commissioner, the Tax Court has significantly changed penalty assessments under I.R.C. Section 6038(b) of the Internal Revenue Code. This ruling, rendered on April 3, 2023, carries significant implications for a broad range of taxpayers, potentially offering a basis to challenge or request refunds for penalties
irs penalty
Tax Penalties
The penalties associated with a tax debtor’s federal tax obligations can be extraordinarily burdensome if not avoided by following the appropriate Internal Revenue Service (IRS) procedures for taxpayers. Keep in mind that these penalties are not set in stone, and may vary depending upon the facts of a taxpayer’s situation, and in light of a
Tax Penalty Abatement
Tax Penalty Abatement When a taxpayer fails to meet their tax obligations to the Internal Revenue Service (IRS), the IRS will assess one or more penalties for such failure. Though taxpayers often cannot avoid penalties that are properly issued, there are situations in which a penalty can be avoided. With respect to written advice obtained