Posted by: Taxlitigator | September 2, 2014

AGOSTINO & ASSOCIATES NEWSLETTER – De Novo Review of Assessable International Penalties

AGOSTINO & ASSOCIATES –To download a few great articles prepared by our very close friends at the Law Firm of Agostino & Associates in Hackensack, NJ ( www.agostinolaw.com ), see the Agostino & Associates Newsletter https://doc-0g-a0-apps-viewer.googleusercontent.com/viewer/secure/pdf/3nb9bdfcv3e2h2k1cmql0ee9cvc5lole/a2e9d5ia6l9d8arb24i9qe55u5g1r2jr/1409675775000/drive/*/ACFrOgB3DcF0a_jTmvIpYCiuNKqO7L9fgn3s-OoYgXI80f841xzDJ5w3W4RQJIos9LXs1ctCT2z8v3FIziSDS2y-W6ct63hwuBzvEW_vnXAgbmb31pJpOwZuVMW1Ou8=?print=true

DE NOVO REVIEW OF ASSESSABLE INTERNATIONAL PENALTIES By Frank Agostino, Brian D. Burton, and Lawrence A. Sannicandro    – Many taxpayers and tax professionals believe that Collection Due Process (“CDP”) rights do not attach to international information return penalties. This confusion likely stems from the (well known) fact that the usual CDP rights do not attach to penalties for failure to file a timely, complete and accurate Financial Crimes Enforcement Network (“FinCen”) Form 114, Report of Foreign Bank and Financial Accounts (“FBAR”).

To this end, the TaxCourt has specifically  held that it “has no jurisdiction to review the [IRS’s] determination as to [taxpayers’] liability for FBAR penalties.” However, one must distinguish between FBAR penalties, a product of the Bank Secrecy Act of 1970 (“BSA”), which cannot be challenged via CDP procedures, and assessable international penalties for untimely, incomplete or inaccurate IRS Forms 926, 3520, 3520A, 5471, 5472, 8865, or 8938 which are products of the Code and subject to de novo CDP and Tax Court review. FOR THE FULL ARTICLE SEE https://docs.google.com/file/d/0B719qAMBEjGQdF9VdWJza2duVFE/edit?pli=1

TIGTA AND TAX PROFESSIONALS’ DUTY TO REPORT TO REPORT By Frank Agostino & Matthew Turtoro. FOR THE FULL ARTICLE SEE https://docs.google.com/file/d/0B719qAMBEjGQdF9VdWJza2duVFE/edit?pli=1

INSTALLMENMT AGREEMENTS & THE STATUTE OF LIMITATIONS FOR COLLECTION By Frank Agostino & S. Erica Son. FOR THE FULL ARTICLE SEE https://docs.google.com/file/d/0B719qAMBEjGQdF9VdWJza2duVFE/edit?pli=1

For further information, contact Frank Agostino at (201) 488-5400 or visit http://www.agostinolaw.com  

AGOSTINO & ASSOCIATES, with a national practice based in Hackensack, NJ, specializes in tax and tax controversies (civil and criminal), offers in compromise, voluntary disclosures, tax lien discharges,  innocent spouse determinations, forfeitures, estate planning and probate, contract and contract litigation.  A firm comprised truly great, caring people who want the best for their clients ! www.agostinolaw.com


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