Assurance CPA

If you paid a penalty for your 2020 or 2019, you could be receiving a check. The IRS is waiving penalties for certain returns filed for the years 2020 and 2019.

Systemic penalty relief is now available for certain tax year 2019 and 2020 returns - TAS The IRS announced that it will grant relief for failure-to-file (FTF) penalties on the following 2019 and 2020 federal tax returns

According to court documents, an owner of a Nevada real estate company attempted to avoid the IRS’s collection efforts. The owner began depositing a small portion of the spouse’s paycheck into the levied bank account and withdrew the remaining portion in cash. Then, the owner began depositing the spouse’s entire paycheck and other earnings into a corporate bank account, using that account to pay most of the family’s personal living expenses. The owner also directed the attorney to pay taxes owed to the IRS on an intentionally overdrawn bank account and to send a materially misleading letter to the agency.

In all, the owner owes more than $1.9 million in restitution to the IRS for the delinquent tax debt from 2005 through 2019. Sentencing is scheduled for Jan. 26, 2023, they face a maximum penalty of five years in prison for tax evasion. Including a period of supervised release, restitution, and monetary penalties.