The failure to file an IRS Form 5472 can result in significant civil penalties and IRS headaches. This article provides five facts you should know now about Form 5472.
Robert Goulder considers whether a taxpayer-friendly outcome in Farhy would spark a general reformation of the IRS international information reporting penalties.
On April 3, 2023, the Tax Court in Farhy v. Commissioner rejected IRS efforts to impose penalties on a taxpayer's failure to file Form 5471. According to the Tax Court, these foreign.
It’s a man-bites-dog story when the tax man gives money away. That’s exactly what the Internal Revenue Service (IRS) intends to do. In a seemingly unprecedented move, the IRS announced.