penalty

time to file your tax return

Why It’s Important to Meet the Tax Return Filing and Payment Deadlines

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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Tips for avoiding IRS penalties

Tips for Avoiding IRS Penalties

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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marriage taxes

When it Comes to Taxes, Marriage May Cost You

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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payroll tax penalty

Small Businesses: Stay Clear of a Severe Payroll Tax Penalty

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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gift tax

Filing a Gift Tax Return Regardless of Whether it’s Required May be a Plus

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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couple reviewing unexpected tax liability

If You Have an Unexpected Tax Bill, a Payment Plan May Be Your Best Option

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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required minimum distributions RMDs age 70 1/2 business person

Still Working After Age 70½? You May Not Have to Begin 401(k) Withdrawals

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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tax return extension

An Extension May Be the Best Business Decision for Your 2018 Tax Return

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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