reduce penalty and interest
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. …
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The IRS Shredded 30 Million Tax Returns – What Does This Mean For You? An article last week in the Journal of Accountancy and a few other sources told us that IRS just shredded 30 million unprocessed tax returns. That’s 30 million. Now that’s not good news for those who filed those tax returns.…
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Location: Schaumburg, Illinois Background: IRS audited a financial services professional. The government discovered there was additional, misreported income, and considered examining future years. Because a substantial amount of business income was misreported, there was a finding of over $250,000 in additional IRS federal tax, penalty and interest, for multiple years. IRS collection began immediately thereafter.…
Read MoreWhat’s Wrong with IRS Offer-in-Compromise For most tax practitioners, OIC tax reductions have only been available for individuals, and not for businesses. About 2/3 of their Offers are rejected by IRS. Of those offers accepted, even more crumble because of failed payments. Let’s start over. Large-dollar reductions of tax liability with the IRS Offer-in-Compromise (OIC)…
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