Case: Failure-To-File Foreign Information Reporting Penalties are “Assessable,” Tax Court Opinion Reversed (D.C. Cir.) (IRC §6038)

The IRS may proceed with administrative collection of I.R.C. §6038 penalties because the text, structure, and function of the statute demonstrate that Congress authorized assessment of penalties by the IRS, the U.S. Court of Appeals for the District of Columbia held, reversing and remanding to the U.S. Tax Court. Because Petitioner (Appellee) failed to report his ownership in foreign corporations as required by §6038(a), the IRS assessed penalties pursuant to §6038(b) and sent Petitioner a notice of intent to levy. He petitioned the Tax Court, arguing that there is no statutory authority for the IRS to assess and administratively collect ...