Monthly Archives: November 2019
This Year’s Automatic Tax Penalty Waiver
This year, the IRS is automatically waiving tax penalties for nearly 400,000 taxpayers who have already filed last year’s return, but who failed to claim the waiver. Fortunately, the IRS will apply this waiver to the accounts of all qualifying taxpayers who have already filed their returns, so these individuals are not required to… Read More »
Taxpayers Urged to Resolve Tax Debt to Avoid Jeopardizing Passports
In 2015, Congress enacted the Fixing America’s Surface Transportation (FAST) Act, which gives the IRS the ability to deny a taxpayer’s passport application or renewal if that individual has unresolved tax debt. Having one’s passport denied or revoked can have significant repercussions on a taxpayer’s personal and professional life, so if you owe a… Read More »
IRS Makes Settlement Offer to Taxpayers Involved in Micro-Captive Insurance Transactions
Following the verdicts of three U.S. Tax Court cases, the IRS recently announced that it would be offering settlements to taxpayers who are currently being examined for their involvement in micro-captive insurance transactions. Under the terms of this settlement, eligible taxpayers will be required to concede some of the income tax benefits that they… Read More »