I have heard questions about expired refunds. Let me summarize. “I faced a hardship and didn’t file tax returns for several years. Now, I learn that I cannot get my refunds for all those years. Can you help?”
Tag Archive for Late Filing
The IRS announced that over 100,000 taxpayers have now participated in its disclosure programs, which have been available to delinquent filers since 2009. More specifically, according to the IRS, 55,800 taxpayers have used the Offshore Voluntary Disclosure Program (OVDP) to resolve their tax obligations, paying more than $9.9 billion in taxes, interest and penalties, while an additional 48,000 taxpayers have used the Streamlined Procedures, paying approximately $450 million.
Section 2004 of the “SURFACE TRANSPORTATION ACT OF 2015” implements new reporting or what may otherwise be called “stepped up basis conformity”, for executors to ensure basis of assets inherited by heirs of an estate is in agreement with the value determination for federal estate tax purposes.
Section 6035 of the IRC is the NEW provision that outlines the requirement to provide basis information to persons acquiring property from decedents. Domestic estates filing IRS Form 706 or 706-A, or non-resident estates filing IRS Form 706-NA are affected by the new reporting provisions. Generally filing of these returns is done where taxable estate value exceeds the requirement to file threshold. For domestic estates, the 2015 threshold is $5.43M.
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April 15 is the annual deadline for most people to file their federal income tax return and pay any taxes they owe. If, for whatever reason, you missed the deadline you may be assessed penalties for both failing to file a tax return and for failing to pay taxes they owe by the deadline. Here are eight important facts every taxpayer should know about penalties for filing or paying late:
1. Two penalties may apply. A failure-to-file penalty may apply if you did not file by the tax filing deadline. A failure-to-pay penalty may apply if you did not pay all of the taxes you owe by the tax filing deadline.
2. File even if you can’t pay. The failure-to-file penalty is generally more than the failure- Read More
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What Do UK Tax Leaders Think Of Recent Changes To The R&D Tax Landscape? Evolution Or RevolutionAt the end of November 2023, we held our second roundtable discussion. Following the success of our first event in April 2023, it is important to bring leaders together again to discuss the many […]
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IRS Expands Work On Aggressive Employee Retention Credit Claims; 20,000 Disallowance Letters Being MailedIRS Expands Work On Aggressive Employee Retention Credit Claims; 20,000 Disallowance Letters Being Mailed, More Action And Voluntary Disclosure Program Coming As part of continuing efforts to combat […]
Watch Our Two Videos To See What We Do For You At TaxConnectionsWatch The Videos at https://www.taxconnections.com/taxblog to understand the benefits of TaxConnections Membership. We exist to support the tax professional community and do the heavy lifting […]
Make Your R&D Tax Credit DefensibleClaiming the R&D tax credit can potentially help your business offset increased cash flow. However, simply completing IRS Form 6765, Credit For Increasing Research Activities, doesn’t guarantee […]
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