IRS penalty relief brings big business opportunities for astute tax practitioners as the IRS does indeed have the authority to provide relief from various penalties if you know how to do the dance. Way back in 2014 the IRS abated either in part or in full...
How to Formulate an IRS Penalty Abatement Request Greetings fellow tax nerds! Perhaps life might suck for me at present but lately there seems to be nothing more satisfying than making tax penalties go away. Think about it. You're a good person. You work hard. You struggle...
How to Submit a Reasonable Cause Claim to the IRS If you have not filed your personal income tax form (1040) generally IMHO you should GET THE TAX FORM FILED ASAP without consideration for the yet to be assessed penalties. Then exercise patience. Wait for the IRS to...
Navigating the Shoals of IRS Penalties - Part 1 For those of us inclined to the proverbial 'head-bury' strategy with Big Brother, best to understand the civil penalties assessed when IRS systems catch up - as measured in tangible $$ out #ThePocket. For the brave of...
This post contains cocktail party killer one liners about how Penalties Changed Under the Tax Cut and Jobs Act of 2018 relevant today. My editor also quipped that reading this post helps with insomnia as well. So if you are looking to either kill a party...
The IRS may impose a twenty percent accuracy-related penalty if it determines that there is a substantial understatement of income tax according to IRC 6662. You may avoid all or part of the penalty by showing that: (1) you acted in good faith, (2) the understatement was based on...
Quite often I get asked to seek penalty abatement relief for an IRS delinquency or set of delinquencies as part of helping taxpayers chart a path towards compliance. Today while perusing the IRS web site I stumbled across some text worth sharing that sheds some...
Generally the IRS has 3 years from the date you filed your return or the date the return was due to assess any additional tax. Â However if you timely file your tax return interest and certain penalties will be suspended if the IRS does not...
The tax filing deadline is approaching. If you don’t file your return and pay your tax by the due date you may have to pay a penalty. Here are nine things the IRS wants you to know about the two different penalties you may face...