January 10, 2022
An estate that was owner and beneficiary of a foreign trust faces a $3.2 million penalty for failing to report a distribution after the U.S. Supreme Court on Monday let stand a Second Circuit decision to impose the penalty.
November 02, 2021
The Second Circuit incorrectly affirmed a $3.2 million IRS penalty against a deceased New York man's estate for a failure to report a foreign trust distribution, the estate told the U.S. Supreme Court, asking it to review the case.