Posts Tagged tax penalties

The Marriage Tax Penalty, Post-TCJA

On June 23, 2019 / Innocent Spouse Relief, Couples, Exemptions / 1 Comment

The law known as the Tax Cuts and Jobs Act (TCJA) addressed the individual tax rate bracket structure’s previous contribution to a marriage tax penalty by equalizing married filing jointly tax amounts with those of two single individuals combined (each with half the amount of taxable income of the joint filers), up to the bottom threshold of the highest tax bracket.

Didn’t Pay Your Taxes? Here’s What the IRS Can Do to You

On April 28, 2019 / Offer In Compromise, Personal Income Tax, Business Income Tax, Tax News, Innocent Spouse Relief, Couples, Emergency Assistance, Criminal Tax Defense, Tax Relief, Personal Finance, Small Business / Leave a comment

You don’t want to play chicken with the Internal Revenue Service. Tax season is over, and the vast majority of taxpayers have filed their returns and paid any outstanding taxes they owed. But for a significant number of people, paying

Alert: IRS waives penalty for many whose tax withholding and estimated tax payments fell short in 2018

On January 16, 2019 / Personal Income Tax, Business Income Tax, ALERTS, Tax News, Tax Relief / 1 Comment

WASHINGTON — The Internal Revenue Service announced today that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year.

AICPA and NCCPAP ask IRS to suspend tax penalties

On January 14, 2019 / Personal Income Tax, Business Income Tax, Tax News, Tax Relief, Personal Finance, Small Business / 1 Comment

The American Institute of CPAs and the National Conference of CPA Practitioners are separately asking the Internal Revenue Service to refrain from imposing underpayment and under withholding penalties on taxpayers in response to some extensive changes in the Tax Cuts and Jobs Act.