penalties Archives

The tax deadline is almost here: File for an extension if you’re not ready

Apr 11, 2024 | Individuals

The April 15 tax deadline is approaching, but what if you’re not ready to file? There are some simple steps you can take to avoid steep penalties.

Do you qualify for Innocent Spouse Relief?

Oct 12, 2020 | Individuals

If you file a joint tax return with your spouse, you should be aware of your individual liability. And if you’re getting divorced, you should know that there may be innocent spouse relief available if the IRS comes after you for certain past-due taxes from a married...

What happens if an individual can’t pay their income taxes?

Aug 31, 2020 | Individuals

Wondering what will happen if you or someone you know cannot pay their income taxes? Here’s a look at your options. Common penalties The “failure to file” penalty accrues at 5% per month or part of a month (to a maximum of 25%) on the amount of income tax your tax...

COVID-19: IRS announces more tax relief for individuals

Apr 15, 2020 | Individuals

In the midst of the coronavirus (COVID-19) pandemic, Americans are focusing on their health and financial well-being. To help with the impact facing many people, the government has provided a range of relief. Here are some new announcements made by the IRS. More tax...

Coronavirus (COVID-19) tax and other relief for individuals

Mar 30, 2020 | Individuals

Taxpayers now have more time to file their tax returns and pay any tax owed because of the coronavirus (COVID-19) pandemic. The Treasury Department and IRS announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15,...

Steer your small business clear of a severe payroll tax penalty

Nov 11, 2019 | Small Business

One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also that you pay them over to the federal government on time. If you willfully fail to remit...

“Innocent spouses” may get relief from income tax liability

Aug 19, 2019 | Individuals

When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. Therefore, the IRS can come after either spouse to collect the entire tax — not just the part that’s attributed to...

How to avoid getting hit with payroll tax penalties

Jul 16, 2018 | Small Business

For small businesses, managing payroll can be one of the most arduous tasks. Adding to the burden earlier this year was adjusting income tax withholding based on the new tables issued by the IRS. But it’s crucial not only to withhold the appropriate taxes — including...

Revisit the penalty on individuals without health insurance

Aug 17, 2017 | Individuals

Now that Affordable Care Act (ACA) repeal and replacement efforts appear to have collapsed, at least for the time being, it’s a good time for a refresher on the tax penalty the ACA imposes on individuals who fail to have “minimum essential” health insurance coverage...

Use certified or registered mail to avoid additional penalties

Apr 13, 2017 | Individuals

Because of a weekend and a Washington, D.C., holiday, the 2016 tax return filing deadline for individual taxpayers is Tuesday, April 18. The IRS considers a paper return that’s due April 18 to be timely filed if it’s postmarked by midnight. But dropping your return or...

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