Tag: reasonable cause

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,...