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IRS Tax Penalty Archives

Form 5471 could result in a $10,000 failure to file penalty

In our prior post -- as if they don’t know it already -- we reminded the readers of our Miami tax law blog that tax season is here. Residents in Florida are probably at least thinking about filing their federal tax return with the Internal Revenue Service if they haven’t done so already.

Unpaid taxes: driver's license suspension as a consequence?

When thinking about the consequences of failure to pay taxes, it is only natural to focus on the role of the IRS. After all, the IRS can seek to impose hefty tax penalties against taxpayers who don't pay up on time or work out an installment agreement or offer in compromise.

Faked deduction documentation leads to tax audit for IRS agent

Charitable gifts are a wonderful expression of people's generosity. And to encourage people to be even more generous, there are tax deductions associated with such gifts. Many donors in South Florida are very familiar with these deductions.

Lottery awards a taxable event, Powerball winners have big bill

Individuals across the country, including many in Miami, participate in the lottery. Whether it is a state-sponsored program or a nationwide one, lottery winnings are something that most people wouldn't turn down. In fact, the largest Powerball win ever recorded was in Florida. 

Truth is that life gets in the way of taxes sometimes

Life is difficult, and there are certainly things that can get in the way of responsibility. When someone is struggling with something like depression or addiction, certain responsibilities no doubt seem like a less important issue. In some of these cases, one of those items that fall onto the back burner are taxes. 

Tax prep giant commits filing glitch, engages in damage control

The tax community still awaits developments in the legal challenge to the authority of the IRS to impose additional regulations on professional tax preparers. As we discussed in our April 2 post, the agency’s attempt to extend testing and education requirements to all paid tax preparers remains on hold.