An understatement in accounting refers to business assets given a valuation lower than their fair market value or a devaluation of liabilities to less than their actual cost. Either results in an ...

In accordance with ORS § 314.402, the Oregon Department of Revenue (“DOR”) shall impose a penalty on a taxpayer when it determines the taxpayer “substantially” understated taxable income for any ...

Few words strike fear into a taxpayer’s heart quite like “SARS understatement penalties.” These penalties can be severe, often imposed after an audit or verification process, and can quickly escalate ...