Tax attorneys are already taking the U.S. Supreme Court up on their new interpretation of penalties associated with taxes on foreign income, a ruling that spells good and bad news for those with money overseas.
“We’re not talking about $100 claims here, this is something worthwhile claiming in court,” said Kenneth Ahl, a tax attorney with Archer & Greiner, who said he’s already acting on behalf of clients in the wake of Bittner v. U.S., a case decided last week which altered the penalty structure for those who fail to report income from other countries.
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