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New IRS Penalty Relief Procedures
Penalties are one of the biggest factors a financially distressed taxpayer faces on a tax bill. The Fresh Start Penalty Relief Initiative gives eligible taxpayers a six-month extension to fully pay 2011 taxes. Interest still applies on the 2011 taxes from April 17, 2012 until the tax is paid, but you won’t face failure-to-pay penalties if you pay your tax, interest and any other penalties in full by Oct. 15, 2012.
The penalty relief is available to two categories of taxpayers:
- Wage earners who have been unemployed at least 30 consecutive days during 2011 or in 2012 up to the April 17, 2012 tax filing deadline.
- Self-employed individuals who experienced a 25 percent or greater reduction in business income in 2011 due to the economy.
To qualify for this penalty relief, your adjusted gross income must not exceed $200,000 (married filing jointly or $100,000 for other filing statuses). Your 2011 balance due can not exceed $50,000.
Taxpayers who qualify need to complete a new Form 1127A to request the 2011 penalty relief.
Proposed Internet Sales Tax Change in Florida
Many companies selling goods on the internet currently enjoy the exclusion of collecting and remitting sales taxes giving them a competitive price advantage over local retailers on the same products. But it appears that’s all about to change! (more…)
Read Full Post | Make a Comment ( None so far )The Real Cost of Tax Preparation
A really funny thing happened to me today in a tax audit. (more…)
Read Full Post | Make a Comment ( None so far )IRS Grants Tax Relief for Miami-Dade County Tornado Victims
FORT LAUDERDALE – The Internal Revenue Service today announced special tax relief for residents of the Miami-Dade County Presidential Disaster Area that was struck by severe storms and tornadoes on March 27 [SFL 2003-07, May 2, 2003]. (more…)
Read Full Post | Make a Comment ( None so far )IRS Extends Filing Deadlines for Hurricane Irene Victims
The Internal Revenue Service is providing tax relief to individual and business taxpayers impacted by Hurricane Irene.
Certain taxpayers in North Carolina, New Jersey, New York, Vermont and Puerto Rico will receive tax relief, and other locations are expected to be added in coming days following additional damage assessments by the Federal Emergency Management Agency (FEMA).
The tax relief postpones certain tax filing and payment deadlines to Oct. 31, 2011. It includes corporations and businesses that previously obtained an extension until Sept. 15, 2011, to file their 2010 returns and individuals and businesses that received a similar extension until Oct. 17. It also includes the estimated tax payment for the third quarter of 2011, which would normally be due Sept. 15.
IRS Audits of QuickBooks Users
Companies using QuickBooks, Peachtree or other popular accounting software have greater risk in IRS audits, or IRS examinations than ever before. (more…)
Read Full Post | Make a Comment ( 1 so far )New Voluntary Disclosure of Offshore Accounts
Second Special Voluntary Disclosure Initiative Opens; Those Hiding Assets Offshore Face Aug. 31 deadline (more…)
Read Full Post | Make a Comment ( None so far )IRS Commissioner Outlines Programs Targeting International Taxpayers
In Notice IR-2010-122 (December 9, 2010) IRS Commissioner Doug Schulman addressed IRS intentions to focus on tax evasion as it relates to international taxes in the forthcoming year. (more…)
Read Full Post | Make a Comment ( None so far )Time Limitation on Innocent Spouse Relief
In a reviewed opinion appealable to the Sixth Circuit, the Tax Court has once again invalidated Reg. § 1.6015-5(b)(1), which provides that a spouse must request equitable relief under Code Sec. 6015(f) no later than two years from the first collection activity against the spouse. (more…)
Read Full Post | Make a Comment ( None so far )How to choose a Miami Accountant or Miami Accounting Firm
There are a number of individuals and businesses who use the services of an accountant year round. There are other individuals who only hire an accountant to help get all of their finances in order before their tax returns are due. View any directory of accountants (more…)
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Miami Accountant Online 