Penalties
This article discusses the information return filing requirements and associated penalties, how to avoid incurring the penalties, and how the penalties can be contested if they are imposed by the IRS.
The IRS announces a settlement initiative for abusive microcaptive insurance transactions.
The procedures allow qualifying former U.S. citizens who have relinquished U.S. citizenship to comply with their U.S. income tax and reporting obligations without paying any unpaid taxes and penalties.
A CPA taxpayer was found to have fraudulent intent
in various tax minimization schemes he engaged in.
Taxpayers who fail to file tax returns may receive assessments from an IRS-prepared substitute for return.
The advent of e-filing has not changed the rule that reliance on a preparer to file a return is not a reasonable cause for a taxpayer’s failure to file a timely return.
Some taxpayers who paid 2018 underpayment penalties will receive refund checks because the penalties will be automatically waived for those who qualify, the IRS announced.
This item provides a quick overview of several tools available to taxpayers who have made mistakes.
The IRS issued final regulations under Sec. 6707A, which imposes a penalty on taxpayers who fail to disclose a reportable transaction on their tax returns.
An erroneously claimed qualified business income deduction under Sec. 199A can expose a taxpayer
to a substantial underpayment penalty.
CPAs can advise clients on the proper measures to take to address delinquent taxes so the debt does not result in a passport revocation.
The IRS issued final regulations under Sec. 6707A, which imposes a penalty on taxpayers who fail to disclose a reportable transaction on their tax returns.
The IRS announced that it is lowering from 85% to 80% the amount taxpayers are required to have paid in order to escape an underpayment of estimated income tax penalty for 2018.
Despite generally lower tax bills, many taxpayers are seeing smaller-than-expected refunds — or no refunds at all. And some taxpayers are now subject to underwithholding penalties, despite limited relief from the IRS.
The IRS can assess restitution that a taxpayer was ordered to pay as part of his sentence for violating Sec. 7201.
The IRS issued final regulations on the penalty that applies to tax return preparers who fail to exercise due diligence in preparing returns for taxpayers who are claiming head-of-household filing status, the earned income tax credit, the child tax credit, the additional child tax credit, or the American opportunity tax credit.
This article discusses a few key things practitioners should know about FBAR cases.
The relief applies to individuals whose tax withheld and estimated tax payments equal at least 85% of the tax shown on their 2018 tax return.
It was not an abuse of discretion for an IRS settlement officer to reject an offer in compromise where the taxpayer failed to document his assets or financial condition.
This article explains debt resolution methods, how tax practitioners can assist taxpayers in the process of resolving a liability, and how taxpayers can administratively appeal adverse IRS collection
determinations.
