good faith

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Related to Good-faith: good-faith estimate, Good-Faith Deposit

Bona Fide

In law, belief that a statement or act is made or done honestly and with no ill intent, even if ill effect results. Liability for ill effect may be lessened or eliminated if the statement or act causing it was bona fide. The term is Latin for "in good faith," and the concept is sometimes referred to in this way.

good faith


References in periodicals archive ?
Because it expects the proposed regulations to make it easier and less costly to obtain professional tax advice for use in making a good-faith determination, the IRS is also considering whether it should eliminate or modify the ability of private foundations to rely on affidavits of foreign grantees.
The proposed regulations are intended to make the good-faith determination process easier for private foundations by broadening the group of tax practitioners who may provide the advice.
6664 establishes special rules regarding the reasonable cause and good-faith determination for any reportable transaction understatement.
192 (1991) (a good-faith misunderstanding of the law or a good-faith belief that one is not violating the law need not be "objectively reasonable if it is to be considered as possibly negating the Government's evidence purporting to show a defendant's awareness of the legal duty at issue").
Regardless of when a taxpayer entered into a transaction, the IRS may consider his or her failure to disclose a reportable transaction or a position that a regulation is invalid as a factor in determining whether the taxpayer has met the reasonable-cause and good-faith exception.
To assist the IRS in promulgating specific guidance on the reasonable-cause exception under sections 6662(e) and 6664(c), TEI suggests below possible safe harbors of good-faith taxpayer conduct.
TEI believes that self-assessment upon discovery of errors is evidence of good-faith compliance that should negate the section 6662(e) penalty.
Those SRTPs review the criteria for rendering advice that reflects professional competence and appropriately serves the client's needs, while assuring that the tax adviser has a good-faith belief that the position would have a realistic possibility of being sustained administratively or judicially on its merits if challenged.
16, 1995, or put forth a good-faith effort to obtain an acknowledgment by that date.
According to Notice 94-96, whether an employer has made a reasonable, good-faith interpretation of Secs.
9, 1994, but must instead meet the reasonable cause and good-faith exception to the substantial understatement penalty under Sec.
Provide the donor with a good-faith estimate of the value of goods or services furnished to the donor by the organization.