Search results
IRS Authorized to Recover Foreign Reporting Penalty Without Suit
Bloomberg Law· 2 hours agoThe IRS can assess penalties on taxpayers who willfully fail to file certain disclosures of their interest in foreign corporations without filing a civil suit, the D.C. Circuit ruled Friday.
Time almost up for SC taxpayers to get their share of $12.5M, IRS says. Here’s how to get yours
The State via Yahoo Finance· 6 hours agoThe average median refund for South Carolinians is $840 for 2020, the IRS states. The IRS wants to...
I'm Over 70. What Are the Rules for Cashing Out My IRA?
SmartAsset via Yahoo Finance· 3 days agoAs you age, the rules for withdrawing money from your IRA change. For many years, retirees had to...
Why Is There No IRS Correction Program for Non-Governmental 457(b) Plans? | JD Supra
JD Supra· 2 days agoThis post examines excess deferrals under non-governmental 457(b) plans, including the approved method for correcting them and the penalty for failing to correct them, to ...
D.C. Cir. Finds IRS Summons Prevents Qualified Amended Return Defense
Forbes· 6 days agoThe IRS frequently imposes penalties against taxpayers who file incorrect tax returns. Although...
IRS Releases Final Tax Credit Sale Regulations
The National Law Review· 3 days agoLate last week, the Internal Revenue Service (“IRS”) and Department of the Treasury released final regulations relating to transfers of certain tax...
IRS Art Donation Audits Are the Start of a Tax Pro’s Paper Chase
Bloomberg Law· 1 day agoIn its latest message to wealthy taxpayers, the IRS says it plans to target improper art donation tax deductions, focusing on promoters who “encourage taxpayers to buy various ...
IRS Waives 2024 RMDs For Inherited IRA Beneficiaries
Forbes· 5 days agoThe IRS has just waived some Inherited IRA RMDs again for 2024. This is the fourth year in a row that the IRS has kicked the can down the road for people...
Tax Return Disclosures Avoid IRS Penalties, Ease Or Prevent Audits
Forbes· 3 days agoTax advisers use the term 'disclosure' frequently, and it can sometimes have a negative connotation....
IRS Might Reopen ERC Voluntary Disclosure Program in Future
Bloomberg Law· 21 hours agoThe program, which stopped accepting applications after March 22, allows employers that improperly claimed the ERC to voluntarily repay 80% of the amount received. In exchange, they would not ...