The IRS assesses billions in tax penalties each year — in 2017, individual taxpayers faced a share of more than $11 billion in penalties — but few people know the agency is sometimes willing to change its mind and reverse certain tax penalties for first-time offenders. Two tax pros offer some insights into how the... Tina Orem is a writer at NerdWallet.
Hit With A Tax Penalty? The Irs Might Give You A Do-over
Tina Orem, NerdWallet.com
Fri, 04/12/2019 - 11:25am
BING NEWS:
- Court Unanimously Overturns Farhy, Finding IRS Has Authority To Assess Penalties
Farhy challenged whether the IRS had the legal authority to assess section 6038 penalties. The Tax Court said no, but on appeal, the D.C. Circuit disagreed.
05/3/2024 - 8:45 am | View Link - Sports Team Owners Face New Scrutiny From IRS Over Tax Avoidance
The IRS has launched a campaign to examine whether wealthy taxpayers are violating the law when using their ownership of sports teams to save large amounts in taxes. The effort will focus on sports ...
05/1/2024 - 1:00 pm | View Link - Forget To File Your Taxes? You Might Hear From The IRS
According to the IRS, the mailings are being sent to more than 25,000 people who have more than $1 million in income between tax years 2017 and 2021, and to more than ...
04/30/2024 - 1:22 pm | View Link - IRS Warns Taxpayers Who May Have to Pay 'Surprise' Fees
The IRS recommends taxpayers review the withholding estimator yearly, so those who just filed may want to take the opportunity to do so now. If you've recently gotten married, divorced, purchased a ...
04/18/2024 - 2:01 am | View Link - How to file a tax extension, if you think you’ll miss today’s IRS tax-filing deadline
While the IRS will give you some extra time to get your paperwork done, it’s less patient with the money you owe. You’ll need ...
04/15/2024 - 4:15 am | View Link - More
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