Tag Archives for " failure-to-pay penalties "
Bombshell tax draft throws a curveball at the wealthy
The fight in Congress over emerging tax increases on the wealthy took a dramatic turn on September 13, with a slew of unexpected proposals from lawmakers, including retirement plans, inheritances, and
Read MoreIRS switched strategies for pursuing the wealthy, but came up short
The Internal Revenue Service ended one strategy for examining high-income taxpayers in 2017 and switched to another strategy involving the IRS targeting the wealthy that brought in far less tax revenue
Read MoreU.S. Treasury Announces New Cryptocurrency Tax Reporting Requirements
The Treasury Department announced that it is taking steps to crack down on cryptocurrency markets and transactions and said it will require any transfer worth $10,000 or more to be reported to the Internal
Read MoreBiden Seeks $80 Billion to Bolster IRS, Tax Enforcement!
To frame this article in the proper context, the Biden administration and Congress are seeking to pump a lot of funding to the IRS, to increase enforcement against tax delinquency, among other things.
Read MoreAre IRS Penalties Tax Deductible?
The U.S. tax code does not allow taxpayers to deduct penalties assessed by the Internal Revenue Service (IRS). IRS penalties are typically assessed for violations of tax laws, such as misreporting income
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