How to Submit a Reasonable Cause Claim to the IRS If you have not filed your personal income tax form (1040) generally IMHO you should GET THE TAX FORM FILED ASAP without consideration for the yet to be assessed penalties. Then exercise patience. Wait for the IRS to...
Navigating the Shoals of IRS Penalty Abatement - part 2 - types of defense. Now that you may have missed the income tax filing and payment deadline perhaps it is a good time to understand how to cope with penalization as it can get woefully expensive...
Navigating the Shoals of IRS Penalties - Part 1 For those of us inclined to the proverbial 'head-bury' strategy with Big Brother, best to understand the civil penalties assessed when IRS systems catch up - as measured in tangible $$ out #ThePocket. For the brave of...
This post contains cocktail party killer one liners about how Penalties Changed Under the Tax Cut and Jobs Act of 2018 relevant today. My editor also quipped that reading this post helps with insomnia as well. So if you are looking to either kill a party...
W-2 Has Not (or perhaps will not) Arrive - File IRS Form 4852 When you need your Form W-2, Wage and Tax Statement from your employer(s) to file an accurate federal tax return but you do not receive it or it is incorrect, what do you...
Rollover of Retirement Plan Self Certification for Additional Time Normally you have 60 days to complete a retirement plan rollover in order to avoid current taxation and more importantly, penalization. One of the most ridiculous things I have had to do with my limited time on...
The new Tax Cuts and Jobs Act (TCJA) amends Internal Revenue Code Section 165 further restricting our ability as individual taxpayers to write off CASUALTY LOSSES going forward solely to 'disaster areas' as declared by the POTUS. Say whaaaat ?!?!?!?!?!?!?!? Effective immediately this new restriction detailed in the US Tax Code WILL HARM...
There are indeed many ways US Tax Laws change up the social fabric of our society one of which is how the code addresses exempt organizations excise tax and UBTI. This post reminds us of 2 excise taxes and clarifies UBTI reporting. 1 - Excise tax...
"Corporations are people too my friend" Mitt Romney...
Normally you have 60 days to do an IRA rollover of retirement plan distributions in order to avoid current taxation and possible penalty. What happens when you cannot hit that 60 day window? The answer is an IRA Rollover of Retirement Plan Proceeds Self Certification...