Your business faces several tax bills each month. Failure to file either payroll or sales tax with the IRS can cost your business more than expected.
Tag: IRS penalty
Taxpayers who have foreign accounts or interests that exceed $10,000 at any point during the year must submit a Foreign Bank Account Report (FBAR) through the Financial Crimes Enforcement Network (FinCEN) website. This notifies the U.S. Treasury Department of the accounts.
The IRS may grant penalty relief for reasonable cause based on all the facts and circumstances of your situation. This broad category of penalty relief can cover many different types of accidents or unexpected circumstances.