Penalties and interest, the bane of the tax preparer, and the most painful thing to tax filers. These related things are when the government charges you interest for being underpaid, or a penalty rate for non-compliance. The penalties can sometimes be lifted as part of a compliance process, but interest is usually fixed. Ironically, the government is often able to avoid paying you interest, but demands it pretty quickly.
Hopefully, you have been doing the responsible thing and putting away a nice little nest egg in retirement plans such as pensions, profit sharing plans and individual retirement accounts (IRAs). [...]
What Is the FBAR? FBAR (Report of Foreign Bank and Financial Accounts) is required filing to report foreign bank account information. This information is reported to the Department of the [...]
The tax filing deadline for individuals (Form 1040), partnerships and LLCs (Form 1065), and trusts (Form 1041) is next Monday, April 15, 2013. If you have not started your tax [...]
If you make quarterly estimated payments, the fourth payment for 2012 is due today, January 15, 2013. If you need a voucher and instructions for filing estimated tax payments they [...]