penalty
The May 17 deadline for filing your 2020 individual tax return is coming up soon. It’s important to file and pay your tax return on time to avoid penalties imposed by the IRS. Here are the basic rules. Failure to pay Separate penalties apply for failing to pay and failing to file. The failure-to-pay penalty…
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If your job or business has been affected by the COVID-19 pandemic, you may be concerned about your ability to pay taxes on time or to pay a delinquent tax debt. Fortunately, it may be possible to obtain relief from harsh IRS penalties and other consequences of the tax collection process, provided you take action…
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Most people don’t choose to marry or stay single based on their tax bills, but it may be a factor. One byproduct of the U.S. tax system, under which married couples file joint tax returns, is that marriage may produce a tax penalty or bonus, depending on a couple’s particular circumstances. In other words, when…
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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 do so, you could personally be hit with the…
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Did you know that it may be advantageous to file a gift tax return when transferring property to a family member, even when one isn’t required? If the return meets the IRS’s “adequate disclosure” requirements, the three-year statute of limitations clock starts. Avoiding future tax surprises Generally, the IRS has three years to challenge the…
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If you’re newly retired, or planning to retire soon, you’ll need to decide what to do with the savings you’ve accumulated in your company’s 401(k) plan. If you don’t need to tap the funds right away, it’s generally best to let them continue earning investment income on a tax-deferred basis for as long as possible.…
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Although recent changes in the tax law brought some new deductions and reductions in the highest marginal tax brackets, the loss or limitation of many deductions and changes in the tax withholding tables have left many taxpayers with an unexpected bill to pay. For taxpayers who do not have the cash available to pay the…
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If you participate in a qualified retirement plan, such as a 401(k), you must generally begin taking required withdrawals from the plan no later than April 1 of the year after which you turn age 70½. However, there’s an exception that applies to certain plan participants who are still working for the entire year in…
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By now you have most likely heard from your tax advisor or via news outlets about the Tax Cuts and Jobs Act (TCJA). The biggest tax overhaul since 1986, these new rules – along with new revenue recognition rules and partnership audit rules – have given individuals, business owners, and their advisors a great deal…
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