Tag Archives: IRS Penalty Abatement

Failure to File or Pay Penalties: The First Four Facts

The number of electronic filing and payment options increases every year, which helps reduce your burden and also improves the timeliness and accuracy of tax returns. When it comes to filing your tax return, however, the law provides that the … Continue reading

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Voluntary IRS Correction Program can Help Avoid IRS Penalties

IRS is expanding its voluntary correction program for retirement plans.  Sponsors of 403(b) plans can now participate. Under these procedures, employers that discover minor mistakes in their plans’ operations can report them to IRS, fix the errors and pay a … Continue reading

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IRS Practice and Procedure Change: Penalties

In 2012, the IRS continued to pursue penalties to deter noncompliance. Since 2005, accuracy-related penalties assessed against individual taxpayers have increased 757%. In 2013, the IRS will continue to press for accuracy-related penalties in CP2000 under-reporter adjustments and audits. For … Continue reading

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IRS Penalties: Part 3 of 4

The Internal Revenue Code imposes many different kinds of penalties, ranging from civil fines to imprisonment for criminal tax evasion. These are designed to foster compliance. Penalties are generally payable upon notice and demand. Penalties are generally assessed, collected and … Continue reading

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IRS Penalties: Part 2 of 4

The Internal Revenue Code imposes many different kinds of penalties, ranging from civil fines to imprisonment for criminal tax evasion. These are designed to foster compliance. Penalties are generally payable upon notice and demand. Penalties are generally assessed, collected and … Continue reading

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IRS Penalties: Part 1 of 4

The Internal Revenue Code imposes many different kinds of penalties, ranging from civil fines to imprisonment for criminal tax evasion. Penalties are generally payable upon notice and demand. Penalties are generally assessed, collected and paid in the same manner as … Continue reading

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Failure to File or Pay Penalties: Eight Facts

The number of electronic filing and payment options increases every year, which helps reduce your burden and also improves the timeliness and accuracy of tax returns. When it comes to filing your tax return, however, the law provides that the … Continue reading

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