Uncategorized Does the IRS waive penalties? 18 May 20216 May 2021 A common waiver is a First-Time Penalty Abatement for “first-time” offenders if , in general terms, the taxpayer had no penalties for the previous three tax years, and has filed all…
Uncategorized The 2020-2021 IRS Backlog 13 May 202111 May 2021 Today I was told by an IRS insider that only two percent (2%) of calls to IRS are being answered. This fact doesn't necessarily reflect a slow-down in by IRS…
Uncategorized Do you historically get an IRS refund every year? 11 May 2021 Some taxpayers have a history of intentionally having too much withheld from paychecks, in order to have a larger overpayment refund at filing time next year. This is a type…
Uncategorized How heavy can IRS penalties be? 11 May 20216 May 2021 When the IRS billed the Estate of Michael Jackson for $700 million, $200 million (28.6%) was an underpayment penalty. (P.S. the IRS lost an appeal on the tax bill, and…
Uncategorized How many ways can the IRS penalize you? 7 May 20216 May 2021 There are many civil penalties available to the IRS. These are the most commonly applied: Failure-to-File (I.R.C. § 6651(a)(1)). generally 5% of the amount of tax required to be shown…
Uncategorized Correcting errors with your 2020 Recovery Rebate Credit (Economic Stimulus Payments) 6 May 2021 If you didn't claim the credit on your original tax returnyou will need to file an Amended Form 1040-X.The IRS will not calculate the 2020 Recovery Rebate Credit for you…
Uncategorized The Progressive Nature of U.S. Income Taxes 20 Mar 2021 Many people don't understand the "progressive" nature of the U.S. income tax rates. If someone says, I'm in the 25% tax bracket, that means that some – but not all…
Uncategorized IRS Commissioner claims the IRS unopened mail backlog is now current 19 Mar 2021 Excerpt from WRITTEN TESTIMONY OF CHARLES P. RETTIG, IRS COMMISSIONER,HOUSE WAYS AND MEANS COMMITTEE SUBCOMMITTEE ON OVERSIGHT ON THE FILING SEASON AND COVID-19 RECOVERYMARCH 18, 2021 Resuming Operations and Answering…
Uncategorized What lofty thoughts are on the mind of the president of Microsoft? 11 Mar 2021 Are you interested in what the president of Microsoft thinks about the future of technology as it might impact us -- as individuals, as a nation, as a world? Does…
Uncategorized IRS Online Accounts for Taxpayers 24 Feb 2021 The IRS' Online Account is an web-accessed system that allows you to securely view your individual taxpayer information. Generally, your tax preparer is not allowed to start an online account…
Kenneth Athon Tax Strategies 