Deadline is September 30th to Refund IRS Penalties
NEWS ALERT! IRS PENALTY RELIEF DEADLINE IS SEPTEMBER 30, 2022 Instant Penalty Relief for 2019 and 2020 Returns due to COVID Delays On August 24, 2022, the Internal Revenue Service (“IRS”) issued Notice 2022-36, which provides Penalty Relief to individuals and businesses who have filed, or will file certain 2019 or 2020 returns late. …
Exclusion of Tort Damages from Taxation
As a tax lawyer, personal injury attorneys ask me whether the non-economic damages from a tort claim are excludable from taxable income, under 26 USC § 104. The most recent inquiry came regarding an award from a hospital near both Orland Park IL and Joliet IL. Internal Revenue Code Sec. 104(a)(2) allows an exclusion for…