Penalty Relief for Certain Taxpayers Filing Returns for Taxable Years 2019 and 2020Once again, an opportunity not to be missed is the recent approval of penalty relief that has been announced by the IRS. For those of you affected, both business and personal, with certain failure-to-file penalties an...

Fixing Mistakes and the Amended Return Tax season comes and goes every year, but that does not mean the filing of taxes is completely over once you have autographed the signature line and sent your paperwork on its way. In fact, right around that time is when a few taxpayers begin to feel doomed ...

Every tax season accountant hear similar pleas from a percentage of clients:  requests for help from those, who for whatever reason did not file tax returns.  No matter the excuse for not filing your tax return, the IRS recommends that you   file your tax return as soon as possible because you m...

When tax season is in full swing, chances are you are either a person anxiously awaiting a refund or you are among those in the population who owe the IRS.  The worse of the two is when you actually think you have paid enough into the IRS throughout the year, only to find out that in actuality, you...

Overview of EITC Due Diligence The Earned Income Tax Credit (EITC) is fertile ground for the IRS to levy penalties against unwary tax preparers, with an EITC error rate ranging from 23%-28%.  The Internal Revenue Code specifically requires a tax preparer to exercise due diligence with respect to d...

Earned Income Tax Credit (EITC) is a benefit for working people with low to moderate income. The credit reduces the amount of tax you owe and may also even give taxpayers a refund. The amount of the credit depends on a recipient’s income and number of children, along with other requirements that m...

As the tax deadline has passed, if you have not filed your taxes, you should probably read on. Whatever the case may be, not filing your taxes has severe consequences. Even if you have not filed for a few years, eventually, the IRS will come after you. Tax evaders often face large penalties, fine...

Tax Penalties:  Failure to File vs. Failure to Pay Every year in mid-April we all face the deadline to file our annual federal income tax returns.  A good majority of the populace files early on in the year, especially those who expect a sizeable refund from the IRS; however, there are a consider...