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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?

How to Reduce Your Payroll Tax Penalties

Unpaid payroll taxes can result in penalties against you and your business.  If you have a valid reason as to why the taxes were not paid, the federal agency may consider waiving or reducing your penalties.  With the guidance of your tax attorney, you can try to get your penalties abated.  There are a few… Continue reading How to Reduce Your Payroll Tax Penalties

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

Amnesty Programs for Your Foreign Bank Accounts

If you have money in foreign bank accounts, you are not immune from disclosing that information to the IRS.  The Foreign Account Tax Compliance Act (FATCA) requires foreign financial institutions and other non-financial foreign entities to report foreign assets held by U.S. account holders.  Individuals are also required to report their foreign financial accounts and… Continue reading Amnesty Programs for Your Foreign Bank Accounts

Know Your Legal Options for When You Discover Unfiled Tax Returns

Every year you are required to file a tax return with the IRS.  Failing to do so can have numerous consequences, from penalties to criminal charges. Learn more about what you can expect if you have unfiled tax returns, what options you have, and how a tax attorney can help. Key Insights We Will Discuss… Continue reading Know Your Legal Options for When You Discover Unfiled Tax Returns

What are Criminal Penalties for Tax Preparers?

As a tax preparer, you can face stiff criminal penalties for falsified tax documents.  When the IRS notifies you of a potential penalty, it’s important to take the right steps from the beginning – including contacting a tax attorney. Learn more about what types of issues can get you in trouble with the IRS, what… Continue reading What are Criminal Penalties for Tax Preparers?

What Are the Penalties for Tax Fraud?

The IRS can assess several different types of penalties for tax fraud, including the following: Civil tax fraud penalty Fraudulent failure to file penalty Criminal penalty for filing a fraudulent return Criminal tax evasion Willful failure to pay estimated taxes Trust fund recovery penalty Penalty for willful failure to file Foreign Bank Account Reports (FBARs)… Continue reading What Are the Penalties for Tax Fraud?

3 Types of IRS Penalty Abatement

  What is a Tax Penalty Abatement? Taxpayers with unfiled tax returns or unpaid taxes are often hit with the following IRS penalties: The failure-to-file penalty, which accrues at 5% of your unpaid taxes per month The failure-to-pay penalty, which accrues at 0.5% of your unpaid taxes per month In addition, you’ll be charged interest… Continue reading 3 Types of IRS Penalty Abatement

Failure to File Penalties Explained

Overview of IRS Failure-to-file Civil Penalties Criminal tax evasion cases are difficult to establish in court, because there are so many moving parts and the burden of proof is so high. Much like the case against Mr. Capone, the criminal prosecution may only be Round One, because the IRS still has tools available to get… Continue reading Failure to File Penalties Explained

Foreign Real Estate and Offshore Disclosure Landmines

Most law-related information on the web comes with a disclaimer towards the end.  When discussing foreign real estate and offshore disclosure, though, I would put the disclaimer at the very beginning: It is strongly suggested that you talk to an attorney with experience in this area. Why at the beginning? Because I want to emphasize… Continue reading Foreign Real Estate and Offshore Disclosure Landmines