Did the IRS Assess International Information Return Penalties Against You? You Might Be Entitled to a Refund Based on a Recent Tax Court Opinion

Did the IRS Assess International Information Return Penalties Against You? You Might Be Entitled to a Refund Based on a Recent Tax Court Opinion

by | Apr 4, 2023 | FBAR, Internal Revenue Service, Offshore Income, U.S. Tax Court

On April 3, 2023, the U.S. Tax Court issued its opinion in Farhy v. Commissioner, 160 T.C. No. 6 (2023).  This case deals a major blow to the Internal Revenue Service (IRS) and its efforts to collect penalties related to certain international information returns. Did...