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Home » IRS Secures Two Court Victories Involving Foreign Financial Activity

IRS Secures Two Court Victories Involving Foreign Financial Activity

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By Barbara T. Kaplan & Shira Peleg on August 4, 2021
Posted in Featured, Foreign Account Tax Compliance Act, GT Alert, Internal Revenue Code, International Tax, IRS, tax audits

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.

Continue reading the full GT Alert.

Tags: foreign trust, GT Insight, IRC, IRS, john doe summons
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Photo of Barbara T. Kaplan Barbara T. Kaplan

Barbara T. Kaplan is Co-Chair of the Global Tax Practice and has been named one of the top 50 women lawyers in New York City by Super Lawyers magazine, and focuses her tax litigation practice on domestic and foreign corporations, partnerships, and individuals…

Barbara T. Kaplan is Co-Chair of the Global Tax Practice and has been named one of the top 50 women lawyers in New York City by Super Lawyers magazine, and focuses her tax litigation practice on domestic and foreign corporations, partnerships, and individuals in federal, state, and local tax examinations, controversies and litigation, including administrative and grand jury criminal tax investigations.

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Photo of Shira Peleg Shira Peleg

Shira Peleg is a member of Greenberg Traurig’s Tax Practice. She represents clients before the Internal Revenue Service and state and local taxing authorities in examinations, appeals, court, and collections.

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