Tax penalties

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.

Bitcoin owners are being advised to pay back taxes on any income they failed to report.

The Internal Revenue Service issued a warning Friday to taxpayers who haven’t yet filed their 2018 tax returns.

The Internal Revenue Service tends to impose relatively few accuracy-related penalties during audits of large businesses, according to a new report.

Hedge fund giant Renaissance Technologies is in talks to resolve a dispute with the Internal Revenue Service over a tax maneuver that saved its owners billions of dollars.

The administration is hardening its legal position toward the Affordable Care Act, arguing now the entire law is unconstitutional.

The final rules offer guidance on the penalty for failing to include information that’s supposed to be disclosed under the Small Business Jobs Act and how to calculate the amount.

The U.S. Treasury Department is again reducing penalties for taxpayers who didn’t pay enough of their tax bill throughout the year.

The Treasury Department and the Internal Revenue Service are lowering the withholding underpayment threshold to 80 percent.

While you may have “nanny taxes” covered for your clients who have hired household help, there may be other compliance problems, including fines

The Tax Court recently ruled against a married couple that tried to garnish the salary of the Secretary of the Treasury to pay their tax bills.

The relief is conditioned on the partnerships providing the missing information in a separate schedule by March 15, 2020.

Lost amid the confusion of the federal government shutdown this year was a new set of penalties the IRS began to issue as part of the agency’s ongoing enforcement of the Affordable Care Act.