Tag Archive for: irs penalties

IRS Cracks Down On Travel And Meal Deductions: What Expenses Won’t Fly In 2025

Inflated or unsupported business travel and meal write-offs could trigger audits or penalties. Experts say this move reflects the IRS's broader effort to curb abuse of business expense claims.

Inherited IRA Rules Are Changing In 2025 — Here’s What Beneficiaries Need To Know

According to financial experts, some non-spousal beneficiaries should consider taking distributions sooner, depending on their situation, even if annual withdrawals aren’t required. This is about multi-year tax planning to maximize the benefits of an inherited IRA.

Can’t Pay Or File Your Taxes By April 15? Here’s What Happens If You Missed Monday’s Deadline

Failing to file on time when you still owe taxes will subject you to a failure-to-file penalty, which is based on how late your return is and the amount of your unpaid tax . You will also be hit with a failure-to-pay penalty. The good news is you still have time to rectify those situations before you’re penalized.

What If I Can’t Pay My Taxes? Five Ways To Manage Your Bill.

You have options for dealing with a tax bill you can’t pay. To minimize penalties and interest, you’ll need to take action before taxes are due. Pretending the problem doesn’t exist is far more expensive than dealing with it.

Don’t Forget to Pay Your 2023 Estimated Taxes. Here’s When the Final Payment’s Due

The estimated-tax filing process can be complicated, but it can be simplified. Here's everything you need to know to calculate your taxes and file on time.
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IRS Says Average Tax Refund Is 11% Smaller Than Last Year – Here’s Why

The Internal Revenue Service is reminding taxpayers to brace for a smaller refund this year. The average refund check so far this year is worth $2,933 – about 11% lower compared to the $3,305 average recorded last year.