Search Results for: willful
IRS Provides Form 5471 Information-Filing Relief For Dormant Foreign Corps.
- By : Parag Patel
…reasonable cause for the failure. 09 Criminal penalties (fines and imprisonment) are imposed by section 7203 for a willful failure to file a return, including an information return required by…
Another foreign bank customer found guilty of foreign income under-reporting and FBAR violations.
- By : Parag Patel
…and paid all amounts due, together with interest and penalties (a common strategy known as a quiet disclosure, which failed in this case). However, federal tax law criminalizes the willful…