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Avoid $1 Million Bill to IRS – Tax Attorney in Sacramento Says

Submitted by Tax Tiger on Wed, 11/11/2015 - 5:15 pm

Avoiding the mess

There is one simple way that you can avoid having to owe the Internal Revenue Service $1,000,000– and that’s by filing a specific form correctly. Businesses that are filling out the 1095 forms for the very first time are required to fill out the Affordable Care Act. If they don’t, their penalty could be the above price. A professional tax attorney in Sacramento has the ability to help you out with your taxes and prevent this from happening to you.stressed old man filling a form at home

Just this summer, the IRS announced an increase in penalties for failure to file correct information for returns and more. If a business owner were not to carefully fill out the Affordable Care Act and then file after December 31, 2015, they may be looking at a nicely sized bill. Sacramento tax attorney, Tax Tiger, is confident that if you were to be served with this penalty, with a professional’s help you can bring down the overall price.

Luckily, the IRS is being a little lenient in the New Year and giving employers and insurers a break. In 2016, as long as there is an effort to file on time and do so correctly, they will not be penalized if their taxes are inaccurate

Follow the code

According to the IRS website about returns filed before January 1,2016 the Internal Revenue Code (IRC) section 6721 states:

  • If you file the return correctly within 30 days of the due date it is $30.
  • If you file the return correctly after 30 days of the due date it is $60. (Must be by August 1).
  • All filings after August 1, 2015 will be $100 per return.

“Maximum penalties to payers for failure to file correct information returns, including furnishing an incorrect name/TIN to IRS = $1.5 million/year ($500,000 for small businesses); $250/return for intentional disregard with no maximum penalty.”

Someone who knows what they are doing

The IRS doesn’t mess around when it comes to inaccuracy on your tax income. Being diligent and knowledgeable in tax relief isn’t for everyone – this is why hiring someone in your area such as a professional tax lawyer in Sacramento, could be extremely beneficial for you if you are an employer of a business. Contact a tax attorney in Sacramento, CA who can help you with any discrepancies you may be having that involve the IRS and your tax returns.