In Mukhi v. Commissioner, 163 T.C. No 8 (slip op.) (Nov. 18, 2024), the U.S. Tax Court reaffirmed its decision in Farhy v. Commissioner, 160 T.C. 399 (2023) that the IRS lacks authority to assess a penalty for failure to file Form 5471. Please read my analysis of the case at https://mcmahontivnantaxlaw.com/in-mukhi-v-commissioner-the-u-s-tax-court-reaffirmed-its-decision-in-farhy-v-commissioner/. Earlier this year, I have also discussed the case at the KLR roundtable.