skip to main content
AICPA

Jim Malone Serves on Panel Examining Federal Tax Penalties at the Philadelphia Bar Association Tax Section's 2021 Annual Meeting and CLE on Dec. 8


On December 8, 2021 at 12:30 pm ET, James R. Malone, Jr. served on the panel discussion, "Dante's Inferno for Taxpayers: A Journey to the Realm of Federal Tax Penalties," as part of the Philadelphia Bar Association Tax Section's virtual 2021 Annual Meeting and CLE. In addition to Mr. Malone, the panelists were Prof. Andrew Weiner, Director, Graduate Tax Program Practice and Professor of Law at Temple University's Beasley School of Law, and Beverly Winstead, The Law Office of Beverly Winstead and Director, Low Income Tax Clinic, University of Maryland.

This advanced CLE presentation is designed to provide an update on federal tax penalties under the Internal Revenue Code, including available defenses and related procedural issues. While our tax system is designed to involve voluntary compliance, penalties serve to provide incentives for taxpayers to comply with their obligations.

The panelists addressed:

  • Accuracy-related penalties under section 6662 of the Code, and the related defenses.
  • The civil fraud penalty under section 6663 of the Code and related matters, including the treatment of spouses filing a joint return.
  • Reportable transaction penalties including failure to furnish information, and failure to maintain lists of advisees, along with the impact of the full-payment rule on judicial review.
  • Affordable Care Act penalties, including penalties assessed in connection with Forms 1094-C and 1095-C, Section 4980H penalties, and repayment of excess advance premium credit payments.
  • Foreign reporting tax penalties, including FBAR penalties and penalties for failure to report on foreign corporations and partnerships.
  • Employment tax penalties, including the trust fund recovery penalty, as well as related civil and criminal enforcement.
  • Enforcement priorities.