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 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…
Kenneth Athon Tax Strategies 