Search Results for: 3520 penalties
National Taxpayer Advocate calls IRS Penalties Draconian and Inefficient
…requests before assessing penalties when these requests are submitted in conjunction with IIRs potentially giving rise to penalties; 3) extend eligibility for first-time abatement to all IIR penalties regardless of…
Interesting 2023 Foreign Account Cases
…pay FBAR penalties because he had insufficient assets in the U.S. to pay the liability. In United States v. Xiao, 132 AFTR2d, 2023-5446, the US Seventh Circuit Court of Appeals…
Fantastic Recommendations for Form 3520
…Internal Revenue Service (IRS) systemic assessment of penalties for late filed Forms 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts, and 3520-A, Annual…
The New IRS ERC Voluntary Disclosure Program
…potential civil litigation, penalties & interest. Under the ERC VDP, if the IRS paid interest on the employer’s ERC refund claim, the employer is not required to repay that interest….
AICPA Makes Useful Recommendations For International Forms 3520/3520
…them incorrectly. Even worse, our clients have received many Form 3520 penalties over the years, and we have successfully appealed them, but Forms 3520 and 3520-A are unfortunately very complex….
New IRS Voluntary Disclosure Program lets employers who received questionable Employee Retention Credits pay them back
…tax season. I would expect and hope that the program gets extended to accommodate advisors and their clients. Program participants will not be charged any interest or penalties if they…
Parag Patel Esq. Speaks at NJCPA Seminar on”Employee Retention Credit Audit Issues: Surviving IRS Scrutiny”
…qualify” and noted that these mills usually charge upfront or contingent fees for their services. Penalties for improperly claiming the ERC are very high and could include a 20 percent…
The IRS’s First-Time Abatement (FTA) Penalty Waiver
…civil penalties. At the same time, the IRS abated nearly $9 billion in penalties. In other words, almost a third of penalties were abated. Few people know about the IRS’s…
Parag Patel Esq. Speaks at NJCPA Seminar on”The Corporate Transparency Act: What You Need To Know”
…the penalties for noncompliance? What steps should one take to comply? What’s next? Experienced tax attorney Parag Patel has handled hundreds of complex tax matters for clients. The New Jersey…
ERC Disallowance Letters 105C Sent to Taxpayers
…105C aims to help ineligible taxpayers avoid audits, repayment, penalties, and interest, protect taxpayers by preventing an incorrect refund from going to an ERC promoter, and save IRS resources by…
What Client Tax Advisors Should Do About the New Corporate Transparency Act
…must comply with the CTA by January 1st, 2024, by filing BOI reports with FinCEN. Failure to comply can incur significant penalties, including: Financial penalties: $500 per day of non-compliance, up to…
What to Expect if the IRS Audits Your Employee Retention Credit
…which means you may owe additional tax and penalties. Appeal: You can appeal the audit results if you disagree. Common reasons for ERC audits: Claiming the credit on wages that…