Next month, the U.S. Postal Service will be busier than usual. Not because of late Christmas cards or thank-you letters, but because of the extra Form 1099-Ks the IRS will be mailing out. Under the American Rescue Plan, third-party payment facilitators like Venmo, eBay, Etsy, and Air...
The entity requests relief for a late S corporation election by filing a properly completed Form 2553 with its Form 1120S,U.S. Income Tax Return for an S Corporation, for the first tax year it intended to be an S corporation. Caution:Relief is not automatic—the IRS will determine if th...
When you fall behind on your income tax payments, the IRS may let you set up a payment plan, called an installment agreement, to get you back on track. It is up to you, however, to take that first step and make a request for the installment agreement, wh
1. Late filing penalties 2. A tale of two mileage rates 3. Penalties for math errors Click to expand When a significant natural disaster hits – such as a hurricane, earthquake, tornado, flood, wildfire, blizzard, or the like – the IRS will extend upcoming federal tax deadlines for affect...
IRS excusing late-filed S elections in two situations.(S firms)(Internal Revenue Service)(situations of late-filing)(Brief Article)
Organizations that fail to file their information return on time, or request an extension (Form 8868), may be subject to paying a late filing penalty unless there is a reasonable cause for the late filing. Note:The penalty amount will vary depending on the ...
The law provides penalties for failing to file returns or pay tax when due. There are also penalties for filing false or fraudulent returns. These penalties are in addition to the interest charge on late payments. The penalty for filing a return late or paying the tax late will not be impo...
I shared IRS-themed humor during tax season in2021and2022, so let’s make that a new annual tradition. In honor of this year’s tax-filing season, let’s start with aReasonvideofrom Remy. To help deal with IRS non-responsiveness, Joe Biden has pushed througha law to dramatically expand...
the specifics of your case and help map out your options moving forward. If you’ve received any certified mail or other threatening correspondence recently, make sure and tell them so they can take the necessary steps to intervene with immediate action. Don’t wait until it’s too late!
Filing your tax return electronically and opting for direct deposit is the fastest way to get your refund. Kimberly LankfordFeb. 28, 2025 Can You Take the Home Office Deduction? Under the current law, you can qualify for the home office deduction only if you’re self-employed. ...