Posts Tagged ‘Penalty’


2 Simple Questions That Taxpayers Will Need to Answer Carefully This Year

Do you file a Schedule C, Profit or Loss From Business or Schedule E, Supplemental Income or Loss (From Real Estate or Partnerships)? If so, you will notice there are 2 simple questions that have been added to these forms. They are:

“Did you make any payments that would require you to file Form(s) 1099?”

“If “Yes,” did you or will you file … Continue reading »


3 Reasons To File IRS Form 8938, Statement of Specified Foreign Assets

1) You have a “Specified Foreign Financial Asset” which exceeds the filing requirements

Financial Assets that are subject to this form are: A Financial Account maintained by a foreign institution and the following assets not held in an account with a foreign institution:

* Stock or security issued by a foreign person

* Financial instrument where the issuer is not a U.S. Person

* And any interest in a foreign entity


How to Pay Estimated Income Taxes and Avoid IRS Penalties

Taxpayers must pay their taxes "as they go."  For many taxpayers, their income taxes are withheld from their paychecks.  For taxpayers that don't have any withholding, they will need to make estimated tax payments.


How to Get an IRS Civil Penalty Waived and Keep Your Small Business

Recently, we were able to get a $49,000 IRS civil penalty waived for one of our Connecticut business clients.  If we failed to get this penalty waived, this business would have closed its doors.


State of Connecticut 2011 Income Tax Increase

The State of Connecticut recently increased the state income tax rates.  Oh, and they made them retroactive to the beginning of 2011.  Don't you Connecticut income taxpayers just love this?


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