Shareholder Liable For 20% Penalty, Not 40%, Tax Court Says

By Theresa Schliep · July 21, 2020, 5:12 PM EDT

The Internal Revenue Service can't assess 40% penalties against a shareholder of a microcaptive insurance company because it didn't obtain timely supervisory approval of the penalty, but it can assess 20%...

To view the full article, register now.