Starting for the 2026 tax season for 2025 US income tax returns the IRS will offer first-time abatements (FTAs) to taxpayers who file their return late, provided they meet certain criteria, including having no unreversed penalties in the preceding three tax years, except estimated tax penalties. Without the need to reference the Statutory or Regulatory […]
The IRS announces with IR-2025-51 for the 2025 tax season for those that missed the April 15, 2025 deadline to file their 2024 tax returns to file as soon as possible to avoid additional penalties and interest standard mileage rates for business, medical, moving and charitable purposes. The Internal Revenue Service encourages taxpayers who missed […]
“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-19 who failed to timely file a tax returns for tax years […]
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 addition to business filings whose extension expire September 15, […]
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 […]
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-to-Pay Penalties (Sec. 6651) Every year […]
