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OK online Form 8109-B: What You Should Know
The court noted that the FT has broad discretion to impose the minimum penalty. Oct 29, 2023 — It noted that California cannot establish that the failure to disclose the form was due to an intentional act of the taxpayer to evade a tax. The FT can impose only a penalty if the Form 8938 is the most current version. Oct 24, 2023 — The FT has the discretion to impose a minimum penalty of 10,000 for failure to provide a copy of a Form 8816. Oct 21, 2023 — The FT held that the penalty was not 120,000 per year that was initially sought for failure to provide the Form 8938; instead, it assessed a maximum penalty of 15,000. However, the court held that the FT may not impose a penalty for failure to disclose the form as well as failing to file the form with income tax returns. July 23, 2023 — The court held that it must impose a maximum penalty of 35,000, or 5 percentage points of the gross income tax withheld by the taxpayer for the year, whichever is less, upon the taxpayer and the taxpayer's spouse for tax liability for each of the four years in the tax year. Oct. 2023 — The court agreed that the penalty is appropriate because the FT cannot set a penalty of more than the maximum applicable federal penalty, and also because failure to provide the form is itself a tax violation. Sept. 20, 2023 — The court agreed that the 35,000 is reasonable, noting that it would impose a fine of 5% of the gross income for filing each tax return with an additional 20% of the gross income for failing to provide it. Dec. 6, 2023 — The court imposed the penalty on May 15, 2017, for failing to file a Form 1040NR. Nov. 6, 2023 — An order was entered ordering the FT to pay an additional 10,000 and the Department of Justice to pursue a civil forfeiture action to collect the amount required. Oct.
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