Does anyone know much about the First Time Abate, when if a taxpayer has been in compliance on filing and paying taxes for the last three years they can seek penalty abatement for late filing and payment penalties in the current year? The IRS doesn’t advertising this penalty abatement much at all. See this article in Accounting Today by Michael Cohn and the IRS’ response:http://www.accountingtoday.com/news/IRS-taxpayers-tax-penalty-relief-64347-1.html?ET=webcpa:e6205:204199a:&st=emailSeems like the IRS isn’t using this as a compliance tool – if people pay and file on time for 3 years, you get a penalty abatement if you mess up the 4th year! Remember, for financial, accounting and tax musings, You can count on us to count for you! email bstonercpa@sbcglobal.net phone 818-317-6035 Website www.briantstonercpa.com
CPA Tax Musings: BOE Has Same Day Check Processing!
Here is a new tax musing: the California Board of Equalization now has same day processing of your checks; no more two or three day float. They are doing this to get rid of check processing altogether by try to sell you on an online or internet payment. Here are the other payment options on the BOE website: http://www.boe.ca.gov/elecsrv/esrvcont.htmJust remember with an online or internet payment you may be giving the Board access to your checking account, so be careful! And a credit card payment gets charged a 2.3% “convenience fee” so you will pay more. Remember, for financial, accounting and tax musings,You can count on us to count for you! email bstonercpa@sbcglobal.net phone 818-317-6035 Website www.briantstonercpa.com
CPA Tax Musings: Federal Individual Extensions Run Out Today!
Well the day has come again. Today is the final day to file your 2011 Individual Tax Return on time! If you owe taxes, not filing today can cost you an additional 25% penalty for late filing on top of the approximately 1% per month late payment penalty and interest. So you better get cracking and get to the post office or get your tax preparer to efile your return today!Remember, for financial, accounting and tax musings,You can count on us to count for you! email bstonercpa@sbcglobal.net phone 818-317-6035 Website www.briantstonercpa.com