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IRS Accuracy Related Penalties

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

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Posted in IRS Penalties

IRS Penalty Abatement – Reasonable Cause

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

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Posted in IRS Penalties, IRS Penalty and Interest Abatement

IRS Accuracy Related Penalties

Section 6662(a) and (b)(1) imposes a penalty equal to 20 percent of the underpayment of tax due to negligence or intentional disregard of the rules or regulations.  If your attitude toward the preparation of your tax returns appears to be cavalier you will definitely be

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Posted in Appeals & Audit Resolution, Audit Reconsideration, IRS Audit, IRS Enforcement, IRS Penalty and Interest Abatement

Suspension of IRS interest and penalties

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.  However if you timely file your tax return interest and certain penalties will be suspended

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Posted in IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement

IRS Penalties – facts

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

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Posted in Appeals & Audit Resolution, IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement
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