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Archive for the ‘Penalties for Late Filing & Late Payment’ Category.

COVID Tax Relief: IRS Provides Broad-Based Penalty Relief For Certain 2019 And 2020 Returns Due To The Pandemic; $1.2 Billion In Penalties Being Refunded To 1.6 Million Taxpayers

“Read all about it”---The IRS in IR-2022-155 re Notice 2022-36 takes the absolutely unprecedented step in providing automatic late filing penalty relief (5% penalty)  to individuals and businesses for tax years 2019 and 2020 on a blanketed basis for all taxpayers affected by Covid-1...

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IRS Gives Tax Relief to Victims of Hurricane Irma – Extension Filers Have Until Jan. 31 to File

In a compassionate move realizing the extent of the devastation from Hurricane Irma and Harvey before it to taxpayers in FEMA designated areas, as has become customary the IRS grants an extension from October 16, 2017 to January 31,2018 those taxpayers filing personal tax returns, in addit...

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Filing Taxes Late and Paying Penalties – Things You Need to Know

April 18 was this year’s deadline for filing your federal tax return and paying any tax you might have owed . When taxpayers are due a refund, there is no penalty for filing a late tax return. However, If you owe tax, and failed to file and pay on time, chances are you will owe interest...

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IRS Penalties and How to Get Them Removed or Reduced for Clients

There are many penalties the IRS can impose on taxpayers, but don’t worry just yet there may be a solution for you. This blog discusses common IRS penalties that come up on a regular basis and ways to either reduce the penalty or have it completely removed. Failure-to-File and Failure-t...

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