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- Late Filing and Late Payment Penalty Abatement
- A little-known provision within the Internal Revenue Manual (IRM) allows for the abatement of late filing and late payment penalties if a taxpayer was in compliance for the prior three years and had not previously had a penalty abated under this “first-time abate” provision. In a recent report, the Treasury Inspector General took the IRS to task for not publicizing and acting on this IRM policy. Abatement of the late filing and late payment penalties can result in some significant savings for taxpayers who are or have been subject to those penalties.
- Splitting Inherited IRAs before Year's End
- If you or others were the beneficiaries of an inherited IRA whose owner died in 2011, December 31, 2012 is an important deadline.
- Year-End Tax Planning Moves for Businesses
- As the end of the year approaches, many are looking for ways to reduce their business profits before year's end. Here are some possible moves that might apply to your situation.
- How to Avoid or Reduce Underpayment Penalties
- As the end of the year approaches, individuals should make sure that they have pre-paid enough tax for 2012 to ensure they will not be subject to the underpayment penalty for 2012.
- IRS Announces 2013 Automobile Mileage Rates
- Taxpayers may choose to deduct business automobile expenses using the actual operating expenses of an automobile plus depreciation, or they can use the “optional standard mileage rate” to compute business auto deductions for owned vehicles. If the taxpayer chooses the actual method, which includes MACRS depreciation, in the first business-use year, then the optional method may not be used in any future year. Thus, a taxpayer is unable to switch back to the standard mileage rate in any subsequent year for that vehicle.
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