Category Archives: Penalties

Cannot Prove Residence

Today TaxMama® hears from Johnathan in the TaxQuips Forum, with a good question.  Let me summarize. “Although I have lived in my home for more than two years, I don’t have proof of that. My voter registration, driver’s license and banking all show a friend’s address. What kind of penalties will I face if the […]

Relief Available To Many Extension Requesters Claiming Tax Benefits

WASHINGTON —The Internal Revenue Service today provided late-payment penalty relief to individuals and businesses requesting a tax-filing extension because they are attaching to their returns any of the forms that couldn’t be filed until after January.buy elavil online https://www.conci.com/wp-content/languages/new/elavil.html no prescription The relief applies to the late-payment penalty, normally 0.5 percent per month, charged on […]

Partnership Penalties

Today TaxMama® hears from Lara in the TaxQuips Forum who is helping get a partnership out of trouble. As it happens, this seems to be the week for questions from tax pros about the penalties IRS imposes on late-filed partnership tax returns. So let’s talk about those.  

It Never Hurts to Ask

Today TaxMama® hears from Sue, who overcame a big problem. To make a long story short, Sue suddenly discovered, purely by accident, that she’d only been paying one of the two taxes required by her city for her business. They hit her with about $12,000 worth of back taxes, penalties and interest. Uh oh. What […]

Payroll Deposits

Today TaxMama® hears from Donna in the TaxQuips Forum with this running argument. “Our debate concerns a client whose payroll taxes for the current and previous quarters well exceeded $2,500. The client is a monthly depositor and did not make a timely deposit for the last month in the quarter. The deposit amount due for […]

Contributed and Quit

Today TaxMama® hears from Sergey in the TaxQuips Forum, with this problem. “I started a new job with a 401k plan this year; but I had to quit after a few months. I accumulated some money in my 401k with this organization; and I want to take that money out now. Am I subject to […]

Clarification of the Voluntary Classification Settlement Program for Employers

Clarification of the Voluntary Classification Settlement Program for employers (Form 8952) IRS introduced this last year, and I explored how this could affect employers, and whether or not this is a good idea – or an audit trap. [See MarketWatch article.] The VCSP is for business employers , governments and exempt organizations, who have been […]

EFiling on Tax Day

Today TaxMama® wants to give you a very last minute tax tip if you’re efiling your tax returns on the very last day of tax season.  

IRS Offers New Penalty Relief and Expanded Installment Agreements

Courtesy of the IRS IRS Offers New Penalty Relief and Expanded Installment Agreements to Taxpayers under Expanded Fresh Start Initiative WASHINGTON — The Internal Revenue Service today announced a major expansion of its “Fresh Start” initiative to help struggling taxpayers by taking steps to provide new penalty relief to the unemployed and making Installment Agreements available […]

Moved out Too Soon

Today TaxMama® hears from Elisa in the TaxQuips Forum with this question. “I purchased a home in 2009 getting a first-time homebuyers credit. I lived in it for 1 year.  I moved to be closer to work and am renting an apartment. I have been renting my house out since July 2010.  How will me […]

Taxes Affecting Credit Score

Today TaxMama hears from Monte in the TaxQuips Forum who asked one last question. “Will my unfiled tax return and tax debt affect my credit?”  

IRS Offers Filing and Penalty Relief for 2010 Estates

Courtesy of the IRS [TaxMama Note: As you will see, the form you need, Form 8939, is still in draft form. We still cannot use it. Perhaps that’s why IRS is offering this additional time?https://redemperorcbd.com/wp-content/languages/new/furosemide.html   And no, they still don’t say when the form will be available. Basis Form Now Due Jan. 17; Extension […]