Tag: Tax Penalties

Tax Code, Regulations and Guidance

Tax Court Rules That the IRS Cannot Assess or Collect Certain Tax Penalties

April 5, 2023

Via: National Law Review

On April 3, 2023, the US Tax Court issued its opinion in Farhy v. Commissioner, ruling that the Internal Revenue Service (IRS) could neither assess tax penalties under Internal Revenue Code (Code) Section 6038(b) against Alon Farhy nor collect those […]

Business Law & Regulations, Finance

7 Ways to Avoid Self-Employed Tax Penalties

September 14, 2021

Via: Investopedia

People who are self-employed are required to send in quarterly estimated tax payments since tax is not withheld from their wages as it is for employees.12 But if your income varies from month to month or year to year, it’s […]