by Renu Vardhan | Aug 9, 2010 | Late Filing Penalty Relief, Tax Administration, Tax Changes, Tax Due Dates, Tax Penalties
Time is running out and the tax returns for S Corporation are due soon. The final deadline to file S Corp tax returns (Form 1120S) is September 15th, 2010 if an extension was requested.S Corporation’s no longer enjoy the luxury to file late and not pay the...
by Renu Vardhan | Aug 9, 2010 | Late Filing Penalty Relief, Tax Changes, Tax Due Dates, Tax Penalties
Time is running out and the tax returns for partnership are due soon. The final deadline to file partnership tax returns (Form 1065) is September 15th, 2010 if an extension was requested.Partnership no longer enjoy the luxury to file late and not pay the penalty.For...
by Renu Vardhan | Aug 6, 2010 | Retirement Plans, Tax, Tax Penalties
Considering the current economic conditions, most of us are turning to our retirement funds for financial needs. However, we need to be aware of the tax consequences that may follow with such distributions.Since the contributions to these plans are made from our...
by Renu Vardhan | Jul 2, 2009 | Tax Penalties
IRS requires you to file the required tax returns and information returns by the provided deadlines. Failure to do so results in penalties and interest.Below is a summary of potential reporting requirements and civil penalties that could apply to a taxpayer, depending...
by Renu Vardhan | Jan 7, 2009 | Tax Administration, Tax Penalties
Taxpayers in hardship situations may be able to adjust payments for back taxes, avoid defaulting on payment agreements or possibly defer collection action as IRS is considering several options to help the taxpayers.Some of the areas considered by IRS to help the...
