IRS

This penalty is equal to 5 percent of the additional taxes owed amount for every month (or fraction thereof) your return is late, up to a maximum of 25 percent. Previously, the minimum penalty for failing to file a return within 60 days of the due date ..

The IRS strategy to require independent, non-credentialed tax preparers took two steps forward in February. Both steps are designed to establish required education and licensing for the estimated 111,000 independent tax preparers in the US.

What would you pay a vintage guitar autographed by Ozzy Osbourne, front man for the rock band Black Sabbath and former star of a reality TV show? Never mind that the ubiquitous Ozzy never actually played guitar for the heavy metal group – the IRS is ...

Illegal scams can lead to significant penalties and interest and possible criminal prosecution. IRS Criminal Investigation works closely with the Department of Justice (DOJ) to shut down scams and prosecute the criminals behind them.

When it comes to compliance with the Affordable Care Act, aka Obamacare, most Americans know that they are supposed to get insurance if they don't already have it through their employer. But there's more to the law, and some people could get a hefty penal

The IRS remains committed to our priority efforts to stop offshore tax evasion wherever it occurs. Even though the IRS has faced several years of budget reductions, the IRS continues to pursue cases in all parts of the world, regardless of whether the ...

Tax season has officially started and the Internal Revenue Service began accepting tax returns this week. According to IRS Commissioner John Koskinen, the agency is facing ongoing budget cuts, and due to these reductions, several of the services the ...

The IRS is warning taxpayers to be on the lookout for unscrupulous tax return preparers pushing inflated tax refund claims. This scam remains on the annual list of tax scams known as the “Dirty Dozen” for the 2016 filing season.