Wednesday, August 4, 2021
On July 28, 2021, the IRS secured two victories in court. The first win allows the IRS to impose an additional 35% penalty on an individual as the sole owner and beneficiary of a foreign trust and the second court victory paves the way for the IRS to issue John Doe summonses in connection with its investigation of taxpayers who used an offshore service provider in Panama.
A. The Second Circuit held that the IRS can impose a $3,221,183 penalty on an individual in his capacity as both the sole owner and beneficiary of a foreign trust
The Second Circuit vacated a district court decision and held that an individual who is both the sole owner and beneficiary of a foreign trust may be subject to a 35% penalty, as the beneficiary receiving distributions from the trust in connection with the failure to file Form 3520 reporting the distributions.
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The California Secretary of State suspends or forfeits an entity
for failure to file the required Statement of Information, and in the case of a
domestic corporation that is an association formed to manage a
common interest development, the required Statement by Common Interest Development
Association. In addition, the Secretary of State may
suspend domestic or foreign corporation for the failure of the
corporation to reimburse the Victims of Corporate Fraud Compensation
Fund for a paid claim. The Franchise Tax Board
suspends or forfeits an entity for failure to meet tax requirements
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