Tag Archives: Penalties
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
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.
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