The IRS’s new Automatic Exemption from Penalty (AEP) is meant to help “good” taxpayers—but it also takes away some useful flexibility and control that we’ve had under First‑Time Abatement (FTA). What AEP does, in plain English Starting with 2025 returns and 2026 quarterly payroll returns, the IRS will automatically skip certain penalties—failure to file, failure
When a U.S. person or business owns a foreign entity, the tax issue is often disclosure, not just income. U.S. tax law requires detailed reporting and strict recordkeeping, even when there is little or no current U.S. tax due, and penalties for getting it wrong can be severe. U.S. Businesses with Foreign Ownership: Form 5472 If
On April 4th, 2024, the IRS shared that the Federal Communications Commission issued a cease and desist letter to Veriwave Telco as the company was making millions of calls (prerecorded message) regarding a National Tax Relief Program. "... The FCC’s Enforcement Bureau today issued a cease-and-desist letter against Veriwave Telco. The letter ordered Veriwave Telco
Yesterday, the IRS announced a penalty relief program for personal and business tax returns related to 2019 and 2020 tax years. To qualify for the relief, the tax returns must be filed by September 30, 2022. We note that there is a first time abatement option granted by the IRS and this additional penalty relief
In the IRS Issue Number: IR-2021-183, the IRS extended the tax relief for hurricane Ida to victims in Pennsylvania. This is consistent with the tax relief provided to victims in New Jersey and New York as we published in our previous post. Victims of Hurricane Ida in parts of Pennsylvania now have until Jan. 3,
Based on the IR-2021-179 release, victims of Hurricane Ida in parts of New York and New Jersey now have until Jan. 3, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced on 9/8/2021. The IRS is offering relief to any area designated by the Federal Emergency
