Uncategorized Does the IRS waive penalties? 05/18/202105/06/2021 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 05/13/202105/11/2021 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? 05/11/2021 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? 05/11/202105/06/2021 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? 05/07/202105/06/2021 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) 05/06/2021 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 03/20/2021 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 03/19/2021 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? 03/11/2021 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 02/24/2021 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 