Because the congress passed certain extenders very late last year, the IRS has to play catch up. The IRS has asked tax preparers NOT to e-file certain kinds of tax returns until they give the go-ahead, some time in mid-to-late February, 2011. What does this mean? Among the affected taxpayers are those that itemize, take the [...] Read more »
IRS One-Time Relief For Orgs About To Lose Tax-Exempt Status
Its not just people and businessmen who have problems getting their taxes done. Tax-exempt organizations, especially small ones that rely heavily on volunteers are very much at risk of forgeting to file their information returns. Sometimes the existing staff is completely unaware they have this obligation. On July 28, 2010 [...] Read more »
Late Filing Fee For Partnership & S-Corporation Returns Soar
Starting in 2010 the late filing fee for Partnership returns (Form 1065) and for S-corporation returns (Form 1120S) is increasing. The previous monthly penalty was $89 per month (or part of a month) per shareholder or partner; it is now more than doubled to $195 per month per partner or [...] Read more »