On November 12, 2020, Megan L. Brackney participates in a panel entitled “Problems Facing Taxpayers with Foreign Information Return Penalties (Statute of Limitations, Jurisdictional Concerns, Flora, etc.)” at The University of San Diego 16th Annual USD School of Law-Procopio International Tax Law Institute via Zoom.

Panel information: The IRS continues to assess penalties for late filing foreign information returns, such as the Form 8938 (Report of Specified Foreign Assets or the Form 3520 (Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts). The IRS claims these penalties are “assessable” and ordinarily not subject to the jurisdiction of the U.S. Tax Court; it can thus be very difficult for taxpayers, who have to pay before bringing a refund claim, to receive judicial review. There are issues of time limits and procedures required by both the taxpayer and the government. This panel discusses a few common foreign information returns, the penalties for non-filing or filing incomplete forms, defenses to penalties, and the procedures that are available for taxpayers seeking review of the assessments, including IRS Appeals, refund litigation, Collection Due Process, and the availability of injunctive and declaratory relief.

Panelists: Robert Horowitz, Esq. – Hochman Salkin Toscher Perez P.C. (Formerly DOJ, Tax Division), Megan L. Brackney, Esq. – Kostelanetz & Fink, LLP, Patrick W. Martin, Esq. – Procopio

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