Tag: nonwillful

Finance

Supreme Court Weighs Steep IRS Penalties On Foreign Bank Accounts

11/03/2022
Bitcoin Ethereum News

Concept image for filing federal income taxes online and being audited. Computer keyboard, … [+] calculator and pen are placed on income tax form 1040. The ‘word’ AUDIT is stamped on...

Finance

IRS Cancels Millions Of Penalties And Will Issue Refunds To Taxpayers Who Already Paid Them

08/25/2022
Bitcoin Ethereum News

The IRS has announced widespread penalty relief for those who filed late during the Covid-19 … [+] pandemic. getty Given the pandemic, did you file your 2019 or 2020 tax returns late? It happene...

Finance

How IRS Can Tax ‘Gifts’ and Impose Big Penalties

04/18/2022
Bitcoin Ethereum News

Are gifts income the IRS can tax? Fortunately, no, but the line between what is income and what is a gift is sometimes fuzzy. Let’s say you do major favors for your employer and get a gift of $20,000,...