Tax penalties

With the IRS continuing to launch promoter audits, it is important that anyone subject to such an audit consider a few strategic issues.

The crackdown on the potentially listed transactions could bring stiff penalties to both clients and tax advisors.

The IRS is providing penalty relief to billion-dollar corporations that haven't paid estimated taxes related to the new 15% corporate alternative tax.

The high court handed down rulings in FBAR penalty and state escheat cases.

What are the consequences for the service provider and client? And what is the protocol for fixing those types of mishaps?

The 19 million taxpayers who filed for extensions have until Oct. 17 to file.

A group of Republicans on Congress' main tax committees sent a letter to the Internal Revenue Service and the Treasury, backing a request from the AICPA.

The tax agency will automatically issue the refunds or credits for most of the fees by the end of September.

The service is providing relief to most individual and business taxpayers who filed their 2019 or 2020 returns late due to the pandemic.

Lower courts have disagreed whether non-willful failure-to-disclose penalties are on per-account or a per-form basis.

The American Institute of CPAs is firing back after a congressional hearing, asking for penalty relief for taxpayers dealing with the pandemic.

Two key U.S. Supreme Court justices indicated they are inclined to uphold the bulk of the Affordable Care Act as the court weighed the fate of a landmark law that provides health-insurance to 20 million people.

The AICPA believes taxpayers will be able to avoid penalties if they write “COVID-19” at the top of their return.

The Internal Revenue Service plans to correct penalties mistakenly levied on employers who reduced their tax deposits because they expected to claim some of the new tax credits to which they’re entitled.

The Internal Revenue Service should make more of a priority of going after tax preparers who haven’t filed their own tax returns or paid their tax liabilities and penalties, according to a new report.

Ask the average business owner if they have a tax shelter and they’d probably have a chuckle while wistfully thinking about how nice it would be to swim in crystal clear waters while their offshore bank accounts grew, unencumbered by state and federal taxes.

For tax year 2018 filings, the IRS made a drastic change to the Form 1065, U.S. Return of Partnership Income, that went unnoticed by most practitioners.

Three pieces of IRS guidance have created changes for taxpayers and preparers.

The Internal Revenue Service is automatically waiving the estimated tax penalty for hundreds of thousands of eligible taxpayers.

Accountants may see some of their business clients getting caught up this summer in IRS activities to enforce the Affordable Care Act.