Archive: penalties

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Are Taxes Dischargeable in Bankruptcy?

Bankruptcy is often viewed as the option of last resort to resolve seemingly unsurmountable debts.  In working with clients owing large amounts of tax, we have found that their prevalent thought is that tax liabilities survive bankruptcy.  However, it is possible for taxes and the associated penalties and interest to be discharged, if the following […]

The 2015 IRS Dirty Dozen Tax Scams

For some, the term “dirty dozen” may bring to mind the World War II action movie, or the Environmental Working Group’s list of the fruits with the highest pesticide concentration, but it means something very different to the Internal Revenue Service (IRS).  Each year, the IRS releases a list of their “dirty dozen” – the […]

Recent Tax Developments that May Impact Construction Contractors

Staying abreast of tax changes for your construction business can seem like a moving target, but continuous planning can help you minimize liability. In the second quarter of 2014, we saw a number of important tax developments that should be considered when managing your construction business. No bankruptcy exemption for inherited IRAs.A unanimous Supreme Court […]

Reporting Deadlines Approaching for Incentive Stock Option and Employee Stock Purchase Plans

Under Section 6039 of the Internal Revenue Code, corporations are required to furnish statements to current and former employees who exercised an incentive stock option in 2013 or first transferred legal title to shares acquired as part of the corporation’s 423 employee stock purchase plan in 2012. These statements must be furnished on Forms 3921 […]

EFT Payment Requirement Threshold Reduced to $5,000

The District of Columbia requires business taxpayers to make tax payments over a certain threshold by electronic funds transfer (“EFT”).  The most recent guidance issued by the D.C. Office of Tax and Revenue regarding EFT payments says that business taxpayers must pay EFT for all tax payments exceeding $10,000.  However, over the last couple of […]

Be Aware: FBAR Filing Date Moved Up!

The Form TD F 90-22.1 is commonly referred to as the foreign bank account report or “FBAR.” The FBAR is usually due on June 30th following the calendar year end. This year June 30th is on a Saturday so the FBAR for the calendar year 2011 is required to be received by the U.S. Treasury […]

Need cash? Don’t borrow from the IRS!

Many businesses and individuals are experiencing cash flow difficulties in today’s economy. To ease the cash crunch, it may be tempting to delay payment of taxes in the hope that finances will improve soon. Unlike other creditors, the IRS moves relatively slowly, lulling the taxpayer into complacency. During this time, interest and penalties accrue which, […]