• New Case Shows Strategic Considerations in ‘Cooperating’ with IRS Audits

  • Apr 24 2024
  • Length: 27 mins
  • Podcast
New Case Shows Strategic Considerations in ‘Cooperating’ with IRS Audits cover art

New Case Shows Strategic Considerations in ‘Cooperating’ with IRS Audits

  • Summary

  • At some point during most audits, taxpayers will ponder whether, or to what extent, they should “cooperate” with the IRS. They also might ask what, exactly, cooperation means in a particular situation. These are critical questions to which many taxpayers lack clear answers, and this type of unawareness can lead to bad decisions. This article describes duties associated with foreign accounts, standards for reducing penalties, a new case in which taxpayers were stuck with higher sanctions because they failed to fully cooperate during a voluntary disclosure program, and other contexts in which cooperation has a significant effect on IRS disputes.

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