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Back taxes Archives

What does the court consider in deficiency penalty cases?

In a highly fact specific analysis, the tax court generally will look at the sophistication of the taxpayer in determining what he or she knew or should have known. Appellate courts weigh in often, because of the amount at stack – a 40 percent penalty on the deficiency adds onto what you already owed in back taxes.

Are life insurance benefits added into a taxable estate?

Life insurance benefits are meant to replace family income when the worst case occurs. They can also be used by business owners and farmers to provide liquidity to buy out a sibling or pay off the mortgages on equipment.

Tax relief companies rarely live up to their promises

“We’ve helped thousands of people settle their tax debt for a fraction of the amount owed.” You may have heard this type of claim or a similar one on the radio, television, a billboard or the internet. All you have to do is pay the company an upfront fee and they take care of the rest.

What extension filers need to do before October 17 deadline?

Many reasons make it necessary to apply for an extension to file a tax return. Were you still waiting on necessary paperwork? Did you run out of time to make an appointment with an accountant or complete tax software?