California Tax Takes: A Tool To Fight Underpayment Penalties

By Shail Shah, Priscilla Parrett, Michael Lurie and Yoni Fix (August 19, 2019, 2:58 PM EDT) -- The recent U.S. Supreme Court decision in Timbs v. Indiana may open the door to taxpayer challenges to California's large corporate understatement penalty as an excessive fine under the Eighth Amendment to the U.S. Constitution. Additionally, the California Legislature is considering a bill that would expand the False Claims Act to include tax claims. If this bill passes, taxpayers will need to beware of litigation challenging return positions beyond the normal statutes of limitation that govern tax assessments....

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