Skip to main content

Tax Regulations

The Types of Gifts the IRS Won’t Tax

One of the questions I tend to get every year is, 'How much tax will I have to pay if someone gives me a lot of money as a gift'.   The answer is nothing.  The facts are that the person giving you the money is the one that may be subject to something called the gift tax.  And while there are a lot of exclusions to the tax, filing the paperwork to exclude yourself is really a pain in the....

Blog Categories
Tax Regulations

IRS Simplifies Penalty Relief Process

The IRS will soon implement a new process that automatically provides penalty relief for taxpayers with a history of filing returns and paying tax dues on time. This new relief system is expected to be phased in this summer.

The new Automatic Exemption from Penalty will replace the long-standing First Time Abate administrative relief and is designed to simplify the process and reduce burden for those with a timely compliance history.

Blog Categories
Tax Regulations