Tag Archives: Penalties

Foreign Bank Account Reporting Due June 30th

Any US person that has a financial interest in, or signature authority over, foreign financial accounts whose combined values exceeded $10,000 at any time during the 2014 year, generally must disclose such accounts by filing an FBAR (Report of Foreign Bank … Continue reading

Posted in Blog, Finance & Banking, Foreign Income | Tagged , , , , | 1 Comment

What to Know about Late Filing and Late Paying Penalties

April 15 was the tax day deadline for most people. If you are due a refund there is no penalty if you file a late tax return. But if you owe tax, and you failed to file and pay on … Continue reading

Posted in Blog, Featured on Homepage, Tax Notes | Tagged , , , | 2 Comments

Penalty Happy IRS Goes After Parnerships & its Partners

The IRS has created a plethora of penalties that apply to partnerships and partners.  This penalty structure is consistent with the IRS’s policy of self assessment and penalties for failing to properly apply the law.

Posted in Blog, Tax Reporting | Tagged , , , | 1 Comment

Reasonable reliance on your CPA could eliminate penalties

Good news for taxpayers! The Tax Court has concluded that a taxpayer’s failure to include unreported income on his return was reasonable because he relied in good faith on his tax adviser. Consequently,  no accuracy-related penalty was imposed. There is … Continue reading

Posted in Blog, Featured on Homepage, Tax Notes | Tagged , , | 2 Comments