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Tax Court Challenges Kwong COVID Penalties
A U.S. Tax Court case suggests that extending deadlines during the COVID-19 pandemic may not eliminate accuracy-related tax penalties or interest, as these penalties are tied to underpayment rather than missed deadlines. The court ruled that pandemic-related postponements do not automatically wipe out penalties for negligence or disregard of tax rules. The decision also clarified that jurisdiction over interest assessments remains limited, with future rulings pending.
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