Taxpayers who made payments to the Internal Revenue Service (IRS) that included underpayment interest and/or failure-to-file/pay penalties that accrued during all or part of the period between January 20, 2020, through July...more
As looming collection action efforts against delinquent taxpayers intensifies, the Internal Revenue Service is attempting to increase voluntary compliance and payment for outstanding liabilities. The IRS announced automatic...more
Federal tax penalties have always been an IRS priority. But, perhaps more so today than three decades ago. For example, in 1987, the IRS reported that it had assessed penalties of approximately $14 billion. Compare that...more
The IRS recently announced that high-income households will be the target of increased enforcement efforts after the agency reopened on July 15. The Service is aiming to increase compliance amongst high-income taxpayers...more