Her Majesty's Revenue and Customs (HMRC) is bringing the filing deadline forward. HMRC will assess tax liabilities before the self assessment is filed. It has transferred a significant burden to taxpayers.HawkesAlexEBSCO_bspAccountancy Age
The IRS notified Varela by letter that his purported 2017 return “claimed one or more frivolous positions” and that if he did not file a corrected return within 30 days, the IRS might assess a penalty under Sec. 6702(a) for filing a frivolous return. In response to Varela’s assertion ...
An IRS offer in compromise can help you settle tax debt for less than you owe, but it's difficult to qualify for. Emily ShermanFeb. 18, 2025 Valentine's Day Average Spend The average couple is planning to spend around $200 this Valentine's Day, but there are less expensive ways to ce...
For those who are owed a refund, however, there is no penalty for filing late. But you better be pretty sure about that refund because the punitive charges can really add up if you're wrong. The late filing penalty amounts to 5% of your unpaid tax every month or part of a month th...
53rd GST Council Meeting Updates for Annual Return Form The GST Council has suggested that the tax filing relaxations that were available in the financial year 2022-23 for certain forms (GSTR-9 and GSTR-9C) should continue for the financial year 2023-24. This means that small businesses wit...
The late-filing penalty is 5% of the unpaid tax per month, up to 25%. While the IRS is providing relief for failure to file in a timely fashion, the failure-to-pay penalty remains unchanged for all years — 0.5% of the unpaid tax per month based on the return's original due...
An individual needs to be very cautious while filing returns as any incorrect information furnished in returns may get you penalized by the tax authorities or even put you behind bars. The Income Tax Department can impose a penalty of up to 200% on you for filling in incomplete information ...
where employees were sometimes unable to be physically present to process tax returns and correspondence. In response to these challenges, the IRS has been working aggressively to process backlogged returns and taxpayer correspondence to return to normal operations for the 2023 fi...
You may qualify for a reduced underpayment penalty even if you don't qualify for the exceptions to the underpayment penalty. For example, an individual who changes their tax filing status from single to married filing jointly may get a reduced penalty due to the larger standard deduction. ...
If none of the penalty-free IRA withdrawal options works for you, you may find that there are other ways to access funds, such as taking out apersonal loan. To claim the early distribution penalty exception, you may be required to fileIRS Form 5329along with yourincome tax return, unless...