Introduction
This continues my discussion of the penalties under the
Internal Revenue Code that are associated with the Affordable Care Act (the
“Act”).
I previously
reviewed the reporting requirements and the associated penalties. I will now
review penalties under section
Introduction
The Affordable Care Act (the “Act”) added reporting
requirements for large employers concerning health care insurance in section
6056 of the Internal Revenue Code. In addition, the Act also imposed
substantive standards for minimum essential coverage to be offered
Fortune smiled on Robert S. Clark: He had “an auto body shop, rental properties, a large home, and numerous trucks, automobiles, and utility vehicles.” Clark v. Comm’r, T.C. Memo 2021-114, 2021 Tax Ct. Memo LEXIS 148 at **1 (Sept. 28,
Usually, the federal government’s process for collecting a
contested amount of income tax operates at a slow and deliberate pace:
On June 30, 2021, the Financial Crimes Enforcement Network (“FinCEN”) issued the first-ever government-wide priorities for anti-money laundering and countering the financing of terrorism (AML/CFT) policy (the “Priorities”). Issued after consultation with federal and state law enforcement and national security
Even when the stakes are substantial, taxpayers do not
always give refund claims the careful consideration that they deserve.
The taxpayer must exhaust his/her administrative remedies:
No suit or proceeding shall be maintained in any court for the recovery of
Organizations that are exempt from income tax under section 501(c)(3) of the Internal Revenue Code are supposed to be “organized and operated exclusively for religious, charitable, scientific, testing for public safety, literary, or educational purposes.” I.R.C. § 501(c)(3). Historically, when
Tax-exempt organizations are actually not exempt from all
taxes; entities that qualify under section 501(c)(3) are merely exempt from
income tax. See I.R.C. § 501(a). Many still pay tax upon “unrelated
business taxable income.” See I.R.C. § 511(a)(1). This tax
On December 4, 2020, the Third Circuit affirmed the district court’s willfulness jury instruction in a criminal payroll tax case under I.R.C. § 7202, which followed the familiar definition of willfulness found in Cheek v. United States, 498 U.S. 192,
On October 20, 2020, the Fourth Circuit upheld the imposition of enhanced civil penalties on husband and wife taxpayers for their willful failure to file Reports of Foreign Bank and Financial Accounts (“FBARs”), despite any evidence that they were aware of