Failure To Report Foreign Accounts Leads To $2 Million Penalty
For individuals and businesses with foreign financial accounts, strict adherence to FBAR reporting rules is essential, and ...
JournalofAccountancy28d
Transfer pricing: Not just for the tax department
Disclosure of the interest and penalty classification policy is required in the footnotes of the financial statements (ASC Paragraph 740-10-50-19). Because relatively few disputes are resolved through ...
JD Supra4d
Willful FBAR Penalties and the Excessive Fines Clause: District Court Says Context is Key
In its recent decision in United States v. Leeds, the United States District Court for the District of Idaho upheld the ...
April 1 is the last chance for some retirees to avoid a 25% tax penalty
If you turned 73 in 2024, the deadline for your first required minimum distribution is April 1. Here’s what retirees need to ...
When Are Taxes Due? What Happens if You Don't Pay Taxes or File Late
Failing to file your tax returns can lead to penalties, interest charges, and potential legal consequences from the IRS.