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Are the Penalties Worse for Past-Due Payroll Taxes or Past-Due Sales Taxes?

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.

What is Penalty Abatement and How Does it Work?

Are you late filing or paying your taxes? Are you concerned about penalties? Has the IRS contacted you about late taxes? If you answered yes to any of these questions, you are not alone.  Late filing or payment of taxes typically causes severe penalties from the IRS.  However, certain circumstances can cause the IRS to… Continue reading What is Penalty Abatement and How Does it Work?

What is the Penalty for Not Filing an FBAR Form?

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.

Reasonable Cause Qualifications for IRS Penalty Abatements

If you are facing penalties from the IRS for paying or filing your taxes late, you have some options to get those assessments removed. Reasonable cause is one method to getting penalty abatement. Learn more about reasonable cause and how to qualify for it. Key Insights We Will Discuss What is reasonable cause? How to… Continue reading Reasonable Cause Qualifications for IRS Penalty Abatements

5 Tax Crimes and Their Penalties

Knowingly not filing your taxes, providing false information, and other tax crimes can have serious consequences for taxpayers.  While some penalties may come in the form of fines, some punishments can be as severe as prison time. Take a look at five tax crimes and their penalties and learn why you need a tax debt… Continue reading 5 Tax Crimes and Their Penalties

What’s Considered Reasonable Cause for Penalty Abatement?

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.