News & Analysis as of

Tax Penalties

Franchise Tax Board Penalties: Accuracy-Related Penalties, Part III: Substantial Misstatements

by Moskowitz LLP on

We continue our discussion of Franchise Tax Board (FTB) accuracy-related penalties with penalties relating to substantial understatements or misstatements of income and asset values....more

Franchise Tax Board Penalties: Accuracy-Related Penalties, Part II: Negligence

by Moskowitz LLP on

The penalties for negligent errors on your tax return can be high, but they pale in comparison to those imposed if the government (federal and/or state) concludes that your mistakes were intentional. In this post, we are...more

Franchise Tax Board Penalties: Accuracy-Related Penalties, Part I: The Basics

by Moskowitz LLP on

It’s not enough to just file your tax returns and pay some amount to the government – the penalties for incorrect returns can be as significant as those for late filing and payment. There are quite a few accuracy-related...more

Memo to Massachusetts Employers for 2018 and 2019: How Not to Comply with the EMAC New Rules

In a November 20, 2017 post, we reported on Massachusetts’ passage of H. 3822, “An Act Further Regulating Employer Contributions to Health Care,” (the “Act”), the purpose of which is to shore up the finances of the...more

Federal Employment Taxes: Employee-Independent Contractor Issues (Part 4)

by McNair Law Firm, P.A. on

IRS Voluntary Worker Classification Settlement Program - Employers that have workers which the employer classifies as “independent contractors” (Form 1099) risk having these workers reclassified by the IRS as employees....more

‘Tis the Season for ACA Penalties

by Polsinelli on

After several years of uncertainty surrounding enforcement of the Patient Protection & Affordable Care Act of 2010’s so-called “employer mandate,” the Internal Revenue Service (IRS) has begun assessing penalty notices for the...more

November 2017: The Top 14 Labor And Employment Law Stories

by Fisher Phillips on

It’s hard to keep up with all the recent changes to labor and employment law. While the law always seems to evolve at a rapid pace, there have been an unprecedented number of changes each month in 2017. November was no...more

Watch Your Mail: IRS Begins Collection of Employer Mandate Penalties

by Foley & Lardner LLP on

It’s official. The IRS has finally begun the process of collecting penalties under the Affordable Care Act’s (“ACA”) employer shared responsibility provisions, better known as the “employer mandate.” The IRS has started...more

Brace for Impact: IRS Says ACA Employer Mandate Penalties Coming

by Fisher Phillips on

The IRS quietly revised its FAQ on employer shared responsibility provisions under the Affordable Care Act (ACA) in November, adding a bombshell statement that it plans to inform employers of their “potential liability for an...more

IRS Letter 226J: Employer ACA Penalty Assessments and IRS Enforcement

by Cohen & Grigsby, P.C on

Over the past year, the Patient Protection and Affordable Care Act (the “ACA”) has been the center of fierce political debate. Caught in the crosshairs has been the fate of the employer shared responsibility provisions, which...more

IRS Begins Issuing ACA Employer Mandate Penalty Notices

Recently, the Internal Revenue Service (IRS) indicated that it would begin enforcing the Affordable Care Act (ACA) Employer Shared Responsibility provisions (commonly known as the “Employer Mandate”). Last week, the IRS...more

Federal Employment Taxes: Penalties and Interest (Part 2)

by McNair Law Firm, P.A. on

Employers that pay wages and other forms of compensation to their employees must comply with federal tax return filing and payment/deposit requirement. Employers that receive services from non-employee contractors and which...more

ACA employer mandate penalty letters are on the way

by Bricker & Eckler LLP on

The IRS has recently taken affirmative steps towards assessing the Affordable Care Act (ACA) employer mandate penalties, which are set to begin before the end of 2017. The agency has updated its website with information...more

Sixth Circuit Not Willing to Relent that Business Owner Was Liable for Trust Fund Tax Penalty Despite Creditor's Control over...

by Baker Donelson on

In Robert Karban, Jr. v. United States of America, earlier this year, the Sixth Circuit ruled that Mr. Karban, the owner of a manufacturing company, was a responsible person for paying over trust fund taxes, which he...more

IRS to Begin Enforcing 4980H Penalties on Large Employers Before End of 2017

by Snell & Wilmer on

On November 2, 2017, the IRS issued guidance regarding the enforcement of Employer Shared Responsibility payments, otherwise known as the Section 4980H penalty. Questions 55-58 of the IRS Questions and Answers on Employer...more

Avoiding the “Automatic” $10,000 Penalty for Late Filing of International Information Returns

by Sanford Millar on

Taxpayers who fail to timely file international information returns, such as Form 3520, Annual Return of a Controlled Foreign Corporation are subject to an automatic assessment of $10,000 per return per year up to a maximum...more

The Case Against Do-It-Yourself Tax Returns: You Don't Know What You Don't Know

In an effort to comply with the increasing complexity of the Internal Revenue Code (the “Code”) and the regulations promulgated thereunder, many taxpayers are looking to tax preparation software for assistance in preparing...more

Rhode Island Tax Amnesty Soon Available

Rhode Island’s tax amnesty program will open on December 1, 2017, affording taxpayers a rare and limited-time chance to start anew by paying their tax liabilities without penalties and with a 25% reduction in the...more

2017 End of Year Plan Sponsor “To Do” List (Part 1) Health & Welfare

by Snell & Wilmer on

As 2017 comes to an end, we are pleased to present our traditional End of Year Plan Sponsor “To Do” Lists. This year, we are presenting our “To Do” Lists in four separate Employee Benefits Updates. This Part 1 will cover...more

UPDATE: MTC Extends Deadline for Amnesty under the Online Marketplace Seller Voluntary Disclosure Initiative

by M. Robinson & Company, P.C. on

Earlier today, the Multistate Tax Commission (MTC) released an update extending the October 17, 2017 deadline for businesses to file under its Online Marketplace Seller Voluntary Disclosure Initiative. The new deadline is now...more

Out of Compliance Taxpayers: Beware of new IRS-Programs!

by Foodman CPAs & Advisors on

The IRS-Criminal Investigation Unit (IRS-CI) is the Criminal Law Enforcement Arm of the IRS. Its conviction rate of over 90% is one of the highest in federal law enforcement. Those convicted pay taxes, penalties and...more

Michigan Grants Needed Tax Relief to Victims of Hurricanes Harvey and Irma

by Varnum LLP on

The Michigan Department of Treasury has announced that it will join taxing authorities across the country by allowing taxpayers affected by Hurricanes Harvey and Irma an extension of time in which to file state tax returns...more

401(k)/403(b) Loan Borrowers – Check Your Paystubs!

by Foley & Lardner LLP on

A recent tax court case, Louelia Salomon Frias, v. Commissioner, TC Memo 2017-139, illustrates why it is good practice to verify that employee loan repayments have been timely deducted. Plan Loan Requirements. An employer...more

The IRS Has a Lien Against Me: What Do You Do? Tax Lien Release and Discharge (Part 6)

by McNair Law Firm, P.A. on

Where an individual or business owes IRS taxes, Congress has given the IRS a tax lien against all the assets of the taxpayer. The lien covers real estate, homes, furniture, cars, investments, and nearly everything an...more

IRS Reminder that ACA Employer and Individual Tax Penalties Are Not Waived

by Dickinson Wright on

With all the heated rhetoric surrounding the Affordable Care Act ("ACA"), including the President's Executive Order issued on January 20, 2017 and the recent efforts to repeal and replace the law, employers and individuals...more

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