All too often when a taxpayer has penalties imposed by the IRS and the taxpayer becomes aware that there are exceptions from the penalties for reasonable cause, the taxpayer erroneously assumes that … [Read more...] about Taxpayer Loses Reasonable Cause Argument – FBAR Penalty Imposed
Archives for December 2015
“The Most Important Financial Decision That You Ever Had”
In earlier posts, we have discussed the benefits of waiting until age 70 to receive the largest monthly benefit check. At what age one decides to collect SSA is a personal choice? For individuals who … [Read more...] about “The Most Important Financial Decision That You Ever Had”
Paid Time-Off Plans are Taxable Compensation
Some employers allow employees to accumulate overtime hours, sick leave, vacation time, etc. and use those hours to take time off from work with full pay. This is often referred to as paid time-off … [Read more...] about Paid Time-Off Plans are Taxable Compensation
Did You Know That the IRS Audited Your 2014 Tax Return?
Did you know that the IRS audits your Form 1040 every year? Or, did you think that only 3% of all Form 1040s are audited as is often published? Which is it . . . 100% or less than 3%? To paraphrase … [Read more...] about Did You Know That the IRS Audited Your 2014 Tax Return?
When Is a Filed Return Not Accepted by the IRS As a Filed Return?
A married couple filed their Form 1040 on a timely basis. Or, so they thought. In the Tax Court case of Reifler (B.C. Reifler, TC Memo. 2015-199, Dec. 60,425(M)), the couple was found to have failed … [Read more...] about When Is a Filed Return Not Accepted by the IRS As a Filed Return?
