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 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…
Kenneth Athon Tax Strategies 