Vermont Could Levy Penalties on Late, Underpaid Tax on Repatriated Income

Stephen Kranz and Diann Smith said that they would oppose a decision to impose penalties on late or underpaid taxes on repatriated income, after recent guidance by the Vermont Department of Taxes left open such a possibility. “There is no cause for it, and we hope Vermont will revisit the decision and broadly announce that penalties will not be imposed,” Mr. Kranz said.