Tax Penalties

Federal employees are eligible for many kinds of retirement savings plans. One option available to both civilian and military workers is a thrift savings plan. It's not designed as a primary…

In the United States, most home sellers will not owe tax on the sale of their primary residences, due to tax exclusions and mortgage debt forgiveness relief, according to the State of California…

Many firms pursue outsourcing, which refers to employing labor from outside the company, as a means of saving money. Temporary workers, consultants and contract labor cost less in terms of benefits…

A foreclosure does not just cause credit issues and lead to the loss of property, but it can also affect the taxes that you have to pay. In most cases the effect is minimal, and in the end you may not…

In addition to taking your house, foreclosure can also increase your tax bill. If foreclosure wipes out your mortgage debt, the government may classify some of that debt as taxable income. The…

If you need money fast, it can be tempting to raid your 401k. But before you call the administrator and request a check, you need to consider the tax implications carefully. Taking money out of your…

A retirement plan is designed to provide financial security for your future. You put away tax-free money over a period of time and receive periodic payments when your retire. If you decide to take the…

If you submit taxes late or don't pay them in full, the IRS often charges penalties that can quickly add up and become a major expense. In extenuating circumstances such as illness, death or other…

Title 7 of the Maryland Code titled Theft and Related Crimes sets out the definition, categories and punishments for the criminal offense of theft or stealing. It defines theft as any crime that…

Giving or selling cigarettes to anyone who is less than 18 years old is illegal and a crime. Depending on the state in which this infraction occurs, the person who has given or sold the cigarettes to…

Immigrants to the United States who have immigrated illegally have committed an international criminal offense and are subject to deportation or jail time. Granting amnesty to undocumented immigrants…

Stealing cable is a federal crime and carries considerable consequences such as fines, jail time and potential lawsuits, but that doesn't stop people from doing it. United States Statute 47 U.S.C.…

One of the required items you need to have when you file your income tax is a W-2 form from each employer you worked for during the tax year. This form contains how much you earned from the company…

If you do not pay all of your federal taxes on time, the Internal Revenue Service charges interest on the balance that is due. Interest is separate from any penalties the IRS charges. The interest…

Stealing street signs may seem like innocent fun, but it is an illegal act. Street sign theft can lead to fines, incarceration or both. The consequences for stealing a street sign vary from state to…

The Employer's Quarterly Federal Tax Return, Form 941, is used to report wages paid to employees, reported tips, federal income tax withheld, social security and Medicare taxes withheld, the…

Signs which are put up on streets are meant to direct drivers on the road or advertise different things or hazards. People have been known to steal these signs as they can become unique types of decor…

When it comes to tax research, there are many resources and services available for tax professionals and individuals wishing to find the best solutions to tax problems and questions. Depending on the…

The state of California adds 87 cents in taxes to each pack of 20 cigarettes as of June 2010. Distributors pay the tax to the state and then include the tax in the price of each pack of cigarettes…

The IRS imposes penalties on taxpayers that do not comply with the requirements of the tax law. However, the IRS is authorized to reduce or eliminate the penalties imposed in specified circumstances.

Car tax penalties are the repercussions resulting from violations stemming from late payment or evasion of taxes. Car taxes, motor vehicle taxes or automobile taxes are mandatory once you own a car or…

Taxpayer advocates and the Internal Revenue Service (IRS) have continually debated issues of income tax compliance. Some of these issues include costs of compliance for taxpayers and loss of…

Car owners in Mississippi are required register their vehicle and get a car tag. This applies to drivers in Mississippi who buy a new car from a dealership, buy a car in a private sale, relocate to…

A tax amnesty program is a strategy employed by government officials to generate revenue. It enables people with unpaid taxes to make payments without penalty and interest. The program usually applies…

Every company must pay taxes on its income. Accurate and timely tax reportage is necessary for a company to conform to accepted accounting principals (GAAP) and the Internal Revenue Code, as well as…

You may be able to discharge tax penalties in bankruptcy. This determination depends on the type of tax debt the unsecured tax penalty is associated with and whether you file for Chapter 7 or Chapter…

Producer of goods, manufacturers or sellers pay excise taxes to federal and local governments. Sometimes excise tax takes the form of a fixed percentage or dollar amount. Negligence to pay excise tax,…

India's Service Tax Act has been in effect since 1994. Service taxes are charged in return for services provided by qualified professionals. As with all things involving taxes, there are penalties…

As of 2010, Montana requires employers to file W-2s for each employee. W-2 forms report how much tax was withheld from the employee's paycheck. Employers face penalties and fines if they fail to pay…

California recently underwent a debate over the tax treatment of short sales--where a homeowner sells a property for an amount less than the value of the mortgage on the property. Until April 2010,…

Tax fraud is penalized in the United States. In addition to fraud related to United States taxes, each of the states also has sanctions for tax fraud. Because the penalties among the states vary…

Inheritance tax falls under probate law having to do with the passing down of a legacy or estate, through a will and testament. To determine who inherits an estate and who does no, is the right and…

The Internal Revenue Service requires employers to file Form 941 on a quarterly basis. This form reports all wages paid and payroll taxes withheld. Employers must also pay any additional taxes…

Pennsylvania personal income tax returns are due on April 15th of each year. If you are a Pennsylvania resident and do not file a state tax return while owing income taxes, you will be assessed a…

Bankruptcy can solve a variety of financial problems. A Chapter 7 bankruptcy filing gives a debtor a fresh financial start, while a Chapter 13 bankruptcy filing gives a debtor the opportunity to…

The Service Tax Act is a part of India's Finance Act of 1994. This act deals with determining the amount of tax a person may be charged with in return for a service being provided by a qualified…

Tax penalties vary from state to state. Maryland residents must pay taxes on delinquent payments or underestimated returns. If you live in Maryland, it is important to know the penalties you might…

If taxes remain unpaid or suitable arrangements are not made, the IRS can step in and ask a corporation to take the appropriate action, including selling assets or obtaining a loan. If they are…

If you failed to pay your federal taxes on time, the IRS may impose a penalty. This amount is calculated in proportion to the total overdue amount, meaning that if you owe the IRS nothing, you cannot…

Failure to comply with the January 31st tax deadline results in fines and penalties. The deadline applies to people who have to file a self-assessment tax form each year, which includes high earners,…

Having an adequate pension plan is critical to ensuring a comfortable retirement. Such accounts can be very valuable, often accruing interest that is tax-free until withdrawal. However, any money…

The Oklahoma Tax Commission (OTC) is responsible for the collection and administration of taxes, licenses and fees in Oklahoma. In 1995, the OTC was restructured. The OTC's mission is "to serve the…

The Internal Revenue Service (IRS) typically penalizes early withdrawals from 401k accounts. A permanent disability is among the few exceptions to this rule. If your disability is severe enough, you…

Pensions are a monetary benefit paid out to retired employees or their survivors. The Internal Revenue Service treats pensions as qualified deferred compensation. Because pensions are a type of…

If you fail to pay your taxes in full and on time, you will be subject to Internal Revenue Service (IRS) penalties. These penalties vary according to how much money you owe, how long your payment is…

The Queensland government in Australia passed the Land Tax Act on December 29, 1915. Since it was passed, this act has been amended more than 50 times. The Land Tax Act was passed to determine the…

If you have underestimated you taxes, the IRS may treat it as a late payment in the amount of the increment between what you paid and what you should have paid, and you may be assessed interest and…

The Internal Revenue Code provides for the levy of penalties for non-compliance of established procedures for income tax filing and payment. Employed citizens of the United States and resident aliens…

Californians who do not pay all of their taxes in a timely manner may suffer significant penalties. California's Franchise Tax Board is responsible for managing the state's personal income tax and…

Value Added Tax (VAT) is a tax on goods and services in Europe. According to the Chartered Institute of Taxation, it's estimated that the total amount of VAT tax evasion is anywhere between two and 15…

Form 4868 is for taxpayers to file an automatic extension on to file their tax return for the year. This extension gives the taxpayer an additional six months to file her tax return.She must still pay…

An Individual Retirement Arrangement is designed to be a retirement savings vehicle, but IRA owners may access cash from an IRA at any time. The distributions may be subject to income taxes and…

The Pennsylvania Department of Revenue enforces the state's income tax. Pennsylvanians must pay personal income taxes on all taxable income, along with those who reside in other states but earn…

The Tax Collection Responsibility Act sought to revise how former American citizens are taxed when their citizenship officially ends. The congressional legislation would have also changed tax debt…

The Internal Revenue Code enforces a 10-percent penalty on the early withdrawal from a qualified retirement plan, such as an IRA, under IRC Section 72(t). Section 72(t) also permits early withdrawal…

You should be aware of the potential penalties imposed by the IRS for failure to pay the full amount of your taxes on time. These penalties include both civil and criminal penalties and vary according…

The marriage penalty occurs when the federal tax on the combined income of a married couple is more than if the couple had filed as two single taxpayers. The marriage penalty is a part of the federal…

The issue of early withdrawal from a 401k retirement plan depends on the plan, the age of the owner and the reason for removal of funds. Generally, a 10 percent penalty is added for withdrawals if…

Though individual retirement accounts (IRAs) are meant to help you save for your golden years, you can withdraw IRA funds early to help meet certain expenses. If you qualify for an exception, the good…

Roth individual retirement accounts, or Roth IRAs, allow people of modest means to accumulate a large sum of money tax free for their retirement. If you meet the qualifications, you can cash in your…

The Internal Revenue Service (IRS) allows many benefits to setting up and funding Individual Retirement Accounts (IRAs), such as deferring the taxability of income until after the age of 59 ½.…

So you've reached the age when it's time to sit back and enjoy the good life. You've made your investments and paid your taxes, so now you can reap the benefits of your hard work and let the money…

In 2009, the IRS website reports that 117,014,000 tax returns were processed, and out of those, 29,446,687 needed to be reassessed because reported personal financial figures were not consistent with…

The Internal Revenue Service is the branch of the U.S. government charged with collecting payroll taxes from employers. Companies may try to cheat the tax man or simply fail to report payroll taxes or…

Each year, people take considerable amounts of time and energy to complete their taxes by the ubiquitous April 15 filing deadline. Yet there are individuals that are not able to make this deadline for…

Failure to file tax returns and pay the amount owed in a timely fashion can rain down a host of negative consequences on the taxpayer. In this regard, Michigan is no different than any other state.…

According to the Internal Revenue Service (IRS), a dependent is defined as an individual you are materially supporting. This is frequently a child, a step-child, a grandchild or other relative. Since…

People should attempt to file and pay their taxes on time each year. Sometimes people fail to file or pay on time and will need to face penalties. In addition, when filing taxes, it is always best to…

The Internal Revenue Service imposes penalties if a taxpayer underpays on his taxes. If a taxpayer needs to file for underpayment penalties, the taxpayer should fill out IRS Form 2210. The numbers…

The IRS whistleblower program has been available to citizens since 1867. The law allows the Treasury Department to pay for information that results in the collection of taxes owed and penalties from…

Taxpayers who understate the amount of tax for which they are responsible may be penalized by the Internal Revenue Service. Any time a taxpayer lists a tax amount on his return that is less than the…

Taxpayers who do not pay their tax owed on or before the April 15 due date are assessed a failure to pay penalty while taxpayers who owe money and do not file by April 15 are assessed both failure to…

According to the Internal Revenue Service, any person who willfully attempts to evade paying taxes is guilty of fraud. Evidence of fraud, such as dealing in cash, misrepresentation of tax…

The term "deferred compensation" refers to a financial arrangement, usually between an employer and employee, where a portion of the employee's earned income is paid at a later date from when it was…

People steal street signs for a number of reasons, including pranks and dares, but what they don't realize is that there can be devastating consequences to their actions. Street signs regulate…

When married couples separate there are a lot of practical issues that must be addressed along with the emotional ones. Since most couples live together during the marriage, there is usually the…

The IRS has several penalties for errors in tax returns. The range of penalties vary based on the amount of intent in errors. Honest mistakes typically carry no punishment, but large fines will…

According to the IRS definition, "dependents" can include your children or possibly grandchildren, if they meet certain tests, for instance if they're under 19 and live with you; if they're under 24…

Dealing with interest and penalties assessed by the Internal Revenue Service is challenging. You may even feel as if you make no progress no matter how reasonable you are in your negotiations with the…

You may have paid your federal taxes late, and are now being charged hefty penalties by the Internal Revenue Service. If you don't feel that you should be held liable for the tax penalties, you can…

The Internal Revenue Service (IRS) has a long-standing policy of encouraging non-compliant taxpayers to reconcile their tax obligations, through amended returns and payment plans. However, the IRS…

Allowing people to catch up on what they owe without reams of paperwork is the essential goal of state tax amnesty programs. Proponents view amnesties as a necessary evil to generate revenue during…

Every taxpayer is responsible for making sure that enough money is withheld from his paycheck for income taxes. If you don't have enough withheld, you could be hit with a range of penalties.

An inheritance is a great gift, except maybe when that gift is an IRA account. The tax rules for inherited IRAs are tricky, and making the wrong decision, or an untimely one, can result in significant…

Tax amnesty programs are found at all levels of government -- city, state and federal -- and are designed to collect back taxes, while relieving the taxpayer of the fear of criminal prosecution and…

Local, state, and federal taxing authorities establish firm dates on which taxes of all types are due to be paid. The most well-known of these tax deadlines in the United States is April 15 for the…

If you disagree with a tax penalty assessed to you by the Internal Revenue Service (IRS), you may file an appeal. There are many ways to appeal an IRS penalty, ranging from informal conferences at…

The Internal Revenue Service has established a number of programs to aid delinquent taxpayers. If you are delinquent in paying your taxes or anticipate becoming so, it is important that you contact…

Property tax on real estate is usually levied by local government, either at the municipal or county level. Real estate taxes are often the primary source of funds for constructing and maintaining…

Stealing an Internal Revenue Service check is not taken kindly by Uncle Sam. Though technically the money is yours, until you cash it, the money and the check, are the property of the federal…

A tax amnesty act is a state law, created by individual states within the United States. It is an act aimed at encouraging tax evaders to pay back taxes that they owe. The act creates a time frame for…

As the name suggests, deferred compensation is income that is paid at a later date than from when it was earned. This is typically done for financial reasons such as preparing for retirement.…

"Undeclared income" is a term that refers to the refusal to disclose one's annual earnings in a yearly tax return. Doing so in the United States is a federal offense. Yet every year, people deceive…

Although the term "tax relief" is used in a variety of different contexts, it normally refers to Internal Revenue Service procedures to assist taxpayers who find themselves temporarily or permanently…

The field of tax preparation has limited barriers keeping people with little to no experience from becoming tax preparers. For instance, a Certified Public Accountant who has been an auditor his…

There's no law against using the tax system to one's benefit and lowering overall tax obligation. Tax avoidance, as long as it is done through legal means, is not a crime and has no penalty -- except…

The penalties for underpaying your U.S. federal individual income taxes vary from reasonable fines to criminal penalties, depending on how much you owe and the circumstances surrounding your…

This article provides a brief outline of some common IRS penalties assessed against individuals who file their own taxes regarding their own income. The IRS assesses many other types of penalties not…

A 401(k) retirement plan is a savings plan with significant tax advantages. If you follow the IRS rules for 401(k) contributions, you can save money before you are taxed, which allows your savings to…

The IRS charges interest penalties on late tax payments. The interest is referred to as a penalty because the purpose of the interest is to penalize you for paying late, not generate additional…

A tax penalty can increase the amount of money owed to the IRS and create a significant financial burden on a taxpayer. The type of tax penalty charged can very depending on what the taxpayer did…

Owing back taxes to the IRS is not only nerve wracking, it can be expensive. The IRS imposes penalties for back taxes which can add up to substantial amounts. However, the amount of penalty depends…

Tax amnesty is a relatively rare occurrence. From time to time, a state might seek to collect short term revenue from unpaid income, sales, use or franchise taxes. A relatively brief window, usually…

Payroll taxes are state and federal taxes paid by the employer and/or the employee and include Social Security, Medicare, FUTA (federal unemployment) and SUTA (state unemployment) taxes. While…

Arguably the most important set of tax laws and regulations in the United States are those regarding U.S. income taxes. This is because it is the only federal law that compels each and every citizen…

Individual retirement accounts (IRAs) are excellent methods for people to save money for retirement in a variety of ways. The principal reason for using an IRA of any type is to either defer or reduce…

Most people dread the possibility of an IRS audit. However, it is important to know that the results of an IRS audit can be appealed. If you disagree with the findings of the audit, then you can file…