irs penalties Archives - Federal Direct Tax

IRS May Fine 122,133 Paid Tax Preparers $345 Million in Penalties

Joseph Rogers — Fri, 20 Dec 2013 15:38:25 +0000

Last tax season marked an increasing level of noncompliance by tax preparers with the Internal Revenue Service’s due diligence reporting requirements for the Earned Income Tax Credit, according to a new report reviewing the IRS’s performance during the delayed tax season. The report, from the Treasury Inspector General for Tax Administration, found that as of […]

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IRS Getting Stricter on Enforcing Preparer Penalties

Joseph Rogers — Mon, 30 Sep 2013 19:06:43 +0000

According to a report by TIGTA (requested by the IRS Oversight Board to determine its efficiency in using the existing requirements and penalty regime that applies to unenrolled paid tax return preparers) there are several areas where the IRS could improve. The overall objective was to determine whether controls are in place to ensure […]

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Warning: Failure to File or Pay Penalties

Joseph Rogers — Tue, 17 Apr 2012 22:12:38 +0000

Here are eight important points about the two different penalties you may face if you file or pay late. If you do not file by the deadline, you might face a failure-to-file penalty. If you do not pay by the due date, you could face a failure-to-pay penalty. The failure-to-file penalty is generally more than […]

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