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The IRS has seen a significant increase in refund fraud that involves identity thieves who file false claims for refunds by stealing and using someone’s Social Security number. The investigative…
Read moreWASHINGTON — The Internal Revenue Service announced today that taxpayers will be able to start filing two major tax forms Feb 14,2013 covering education credits and depreciation. Starting Sunday, Feb.…
Read moreYour identity may have been stolen if you receive a letter from the IRS stating or learn from a tax professional that … … you filed more than one tax…
Read moreEvery year the Internal Revenue Service sends millions of letters and notices to taxpayers, but that doesn’t mean you need to worry. Here are eight things every taxpayer should know…
Read moreAn accuracy- related penalty of 20% can be imposed for underpayments of tax due to: Negligence or disregard of rules or regulations, Substantial understatement of tax, Substantial valuation misstatement (increased…
Read moreWhether paying with a timely filed tax return, or filing late and paying late after receiving a bill from the IRS (and the bill is correct), taxpayers are encouraged to…
Read moreAn understatement is considered to be substantial if it is more than the greater of: 10% of the tax required to be shown on the return, or $5,000. An “understatement”…
Read moreThose who act on frivolous positions risk a variety of civil and criminal penalties. Those who adopt these positions may face harsher consequences than those who merely promote them. “Like…
Read moreYou may have to pay a penalty of $5,000 if you file a frivolous tax return or other frivolous submissions. If you jointly file a frivolous tax return with your…
Read moreIf you write a check to pay your taxes and the check bounces, the IRS may impose a penalty. The penalty is either 2 percent of the amount of the…
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