Posts Tagged ‘Penalty’

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…

Should I file my 2019 return if I did not file last year?

  • May 5th, 2020
  • David Greene
  • Comments Off on Should I file my 2019 return if I did not file last year?

First, you should know that you now have until July 15 to file your 2019 return. No matter what else you do or don’t do, be sure to file your return on time.  You should do this even if you…

The PEOPLE FIRST INITIATIVE from the IRS

  • April 3rd, 2020
  • David Greene
  • Comments Off on The PEOPLE FIRST INITIATIVE from the IRS

In conjunction with the CARES Act and other directives from the President, the IRS has begun a new initiative called the People First Initiative.  The highlights are as follows: If you are in an existing Installment Agreement, payments due between…

Are IRS interest and penalty charges ever forgiven?

  • February 11th, 2020
  • David Greene
  • Comments Off on Are IRS interest and penalty charges ever forgiven?

Thank you for your question.  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…

Is refusing to file taxes a criminal offense?

  • January 22nd, 2020
  • David Greene
  • Comments Off on Is refusing to file taxes a criminal offense?

This is an area that the IRS pursues very vigorously, so there are more people than one might think who do this.  Here I’m talking about people who take the position that taxes are illegal and do not need to…

Can one withdraw money from an IRA without incurring the 10% penalty?

  • January 15th, 2020
  • David Greene
  • Comments Off on Can one withdraw money from an IRA without incurring the 10% penalty?

Money can be withdrawn from an IRA at any time for any reason, but if it is withdrawn before the owner reaches 59 ½ a 10% penalty will generally be imposed.  However, there are certain circumstances where the 10% penalty…

I owed more than $3,000 additional tax on my return this year and didn’t have the money to pay. How can I prevent that from happening next year?

  • September 25th, 2019
  • David Greene
  • Comments Off on I owed more than $3,000 additional tax on my return this year and didn’t have the money to pay. How can I prevent that from happening next year?

This is a good question, but I wish you had asked that question closer to April 15.  If you owe more than $1,000 in additional tax on April 15, then, according to the IRS rules, you must make Estimated Tax…

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