Posts Tagged ‘Penalty’

Does the IRS ever forgive interest and penalties?

  • August 2nd, 2022
  • David Greene
  • Comments Off on Does the IRS ever forgive interest and penalties?

Many people who owe taxes more than five or six years old find that the interest and penalties are more than the original tax.  This is because penalties keep being added for several years.  In fact, there are more than…

Can one who withdrew funds from his retirement account in 2020 due to COVID pay the money back without paying taxes?

  • July 15th, 2022
  • David Greene
  • Comments Off on Can one who withdrew funds from his retirement account in 2020 due to COVID pay the money back without paying taxes?

Section 2202 of the CARES Act, enacted on March 27, 2020, provided for some special rules for paying back distributions from retirement plans and IRAs if the withdrawal was related to COVID.  One new provision is that the amount withdrawn…

Can criminal charges result from the Trust Fund Penalty?

  • April 29th, 2022
  • David Greene
  • Comments Off on Can criminal charges result from the Trust Fund Penalty?

A business owner who has not paid the payroll taxes of his employees will have the trust fund penalty assessed against him.  Most trust fund cases are not criminal because the IRS recognizes that the employer failed to pay the…

What to do if you owe on your return but cannot pay.

  • April 13th, 2022
  • David Greene
  • Comments Off on What to do if you owe on your return but cannot pay.

First let me remind everyone that Tax Day is getting very close.  The deadline to file is April 18 this year due to a Washington, DC holiday.  Also, let me make it clear that you always need to file your…

Are offshore credit cards illegal?

  • July 29th, 2021
  • David Greene
  • Comments Off on Are offshore credit cards illegal?

Americans can do business in any country as long as such business is allowed by that country.  Therefore, having an offshore credit card is not illegal.  However, most of these cards are designed to evade income tax and that is…

Will IRS taxes follow you if you move to another state?

  • December 22nd, 2020
  • David Greene
  • Comments Off on Will IRS taxes follow you if you move to another state?

I have been asked this question before. First there is no question that your federal tax liability will follow you when you move to another state.  The IRS can easily find you by several means, such as your W-2, so…

Are foreign bank accounts illegal for American citizens?

  • October 8th, 2020
  • David Greene
  • Comments Off on Are foreign bank accounts illegal for American citizens?

It’s amazing the rumors that abound about the IRS.  You will not get in trouble for merely having a foreign bank account, so long as you report it properly on your tax return.  Many people and businesses have such accounts…

When a military member files a late return, is she penalized?

  • September 30th, 2020
  • David Greene
  • Comments Off on When a military member files a late return, is she penalized?

The answer to this question depends on where the she is actively serving. If she is serving in the US or in a non-combat zone, there is no special relief for late filing. She will be charged the usual late…

Is there a penalty for a tax return filed late that shows a refund?

  • September 15th, 2020
  • David Greene
  • Comments Off on Is there a penalty for a tax return filed late that shows a refund?

Fortunately, the answer is “No.”  If you are due a refund on your taxes and file the return after the filing deadline (July 15 this year), the IRS will not charge you a late filing penalty.  This is because you…

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