Penalty Archives - John R. Dundon II, Enrolled Agent
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Penalty

07 Jan

Posted at 00:00h in DIY, Enrolled Agent, IRS Collections, IRS Criminal Enforcement, IRS Enforcement, IRS Examination, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, ITIN, Licensed Tax Professional, PATH Act 2015, Paying Taxes, Penalty, Tax Abuse, Tax Court, Tax Credit, Tax Fraud, Tax Guidance & Preparation, Tax planning, Tax Preparer, Tax Problems & Requests

Protecting Americans from Tax Hikes Act of 2015 (PATH) summarized by my friend Shirley Callahan EA. Some highlights include: Everyone will appreciate the permanency of the enhanced Educator Expenses, the Sales Tax deduction, and the R&D Credit. Section 179 is made permanent at $500,000 phasing out at...

08 Jun

Posted at 00:00h in Employment Tax, Entity Classification, Paying Taxes, Payroll Tax Problems, Penalty, Small Business, Social Security, Social Security Tax, Sole Proprietor, Start up costs, Sub-chapter S, Tax Abuse, Tax Guidance & Preparation, Tax Problems & Requests

Many entrepreneurs get caught up in selecting the "most appropriate business structure" - particularly people planning to conquer the moon right out of the gate. If this is you beware as business structure is a determination that is best driven out of operational efficacy. Why? Most all new...

11 Mar

Posted at 00:00h in Basis, Business Expense, Business Income, Colorado Department of Revenue, Corporation, Cost Basis, Extension, Partnership, Penalty, Sub-chapter S, Tax Deductible Expenses, Tax Guidance & Preparation, Taxable Income

The Business and Partnership Tax deadline is coming up fast! Don’t sweat it! File IRS Form 7004 to apply for Automatic Extension of Time to File Certain Business Income Tax. If you happen to be compelled, feel welcome to check out the instructions for IRS Form 7004. If you...

27 Aug

Posted at 00:00h in Affordable Care Act, Excise Tax, Health Care Tax Credit, Health Insurance, Paying Taxes, Penalty, Tax Guidance & Preparation, Tax Preparer, Tax Problems & Requests

The IRS released final regulations regarding minimum essential coverage maintenance required under the Affordable Care Act for individual taxpayers under IRC 5000A governing the shared responsibility payment. The document is 75 pages long and I'll be reviewing it over the next couple of days but I've pulled...

12 Mar

Posted at 00:00h in Corporation, Estate Tax, Estimated Taxes, Excise Tax, Extension, Paying Taxes, Penalty, Sub-chapter S, Tax Guidance & Preparation, Tax Relief, Trusts

If your corporation, partnership or estate operates on a calendar year basis the tax return is due March 15th which is coming up! If you need additional time to file tax returns for these entities file IRS Form 7004 which is an application for Automatic Extension...

19 Dec

Posted at 00:00h in IRS Collections, IRS Enforcement, IRS Penalties, IRS Penalty and Interest Abatement, Penalty, Small Business, Sub-chapter S, Tax Court, Tax Guidance & Preparation, Tax Relief

Regarding S Corp Late Filing Penalty Excused IRC 6699 Ensyc Technologies v. Comm'r, T.C. Summary 2012-55 (6/14/12) - considering the scope of the reasonable cause language to the Code Sec. 6699 penalty for late filing of an S corporation return, the Tax Court determined that the failure to...

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