U.S. IRS Updates Process for Frequently Asked Questions on New Tax Legislation and Addresses Reliance Concerns
The U.S. IRS has issued a release regarding the process for frequently asked questions on new tax legislation and reliance concerns. This includes a statement clarifying that if a taxpayer relies on any FAQ in good faith and that reliance is reasonable, the taxpayer will have a "reasonable cause" defense against any negligence penalty or other accuracy-related penalty if it turns out the FAQ is…
Continue Reading