Tax Return Penalties Sacramento CA

Tax return penalties are catgorized into two prongs: the negligence prong and the diregard of the rules and regulations prong.

Local Companies

Matu Tax and Bookkeeping
(916) 730-2502
1731 Howe Ave #603
Sacramento, CA

Corporate Tax Incentives
(916) 366-0144
10860 Gold Center Dr., Ste. 255
Rancho Cordova, CA

B&T TAX AND FINANCIAL SERVICES
916-799-8864
10702 ALICANTE WAY
RANCHO CORDOVA, CA

SHATTUCK ACCOUNTING GROUP
866-305-5210
1380 LEAD HILL BLVD
ROSEVILLE, CA

Pearcy Edwin G Tax Service
(916) 455-1600
2715 P St
Sacramento, CA

Simplified Business Services Inc
(916) 567-1900
2020 Hurley Way Ste 230
Sacramento, CA

Jackson Hewitt Tax Service
(916) 332-1300
5357 Elkhorn Blvd
Sacramento, CA

H & R Block
(916) 921-9276
1601 Arden Way
Sacramento, CA

Crossroads Tax and Business Services
(916) 364-8727
9700 Business Park Dr
Sacramento, CA

Veronicas Tax Service
(916) 482-4112
2341 El Camino Ave
Sacramento, CA

provided by:

This penalty is really composed of two alternative penalties. The first is the negligence prong and the second is the disregard of the rules and regulations prong.

"Negligence"
"Disregard of rules & regulations"

"Negligence"

"Negligence" includes (but is not limited to) any failure:

(1) to make a reasonable attempt to comply with the internal revenue laws;
(2) to exercise ordinary and reasonable care in preparation of a tax return; or
(3) to keep adequate books and records or to substantiate items properly.

Moreover, taking a position on your return that has a reasonable basis is not negligence. The IRS will typically find negligence if a taxpayer (1) fails to include on an income tax return income reported on an information return (such as an IRS Form 1099) or (2) fails to make a reasonable attempt to ascertain the correctness of a deduction, credit, or exclusion that would seem to a reasonable person to be "too good to be true".

"Disregard of rules & regulations"

This prong may be asserted if you carelessly, recklessly or intentionally disregard IRS rules and regulations - by taking a position on your return with little or no effort to determine whether the position is correct or knowingly taking a position that is incorrect.

Adequate disclosure on your tax return is not a defense against the negligence prong of the penalty, but may be a defense against the disregard prong. However, disclosure alone is not enough - you must show that there was a reasonable basis for the position.

Featured Local Company

Matu Tax and Bookkeeping

9167302502
1731 Howe Ave #603
Sacramento, CA
www.matubiz.com

Related Local Events

TRAFC Executive Board Meeting
Dates: 12/14/2009 - 12/14/2009
Location: Fairfield-Suisun Chamber of Commerce
Fairfield, CA
View Details

TRAFC Executive Board Meeting
Dates: 11/9/2009 - 11/9/2009
Location: Fairfield-Suisun Chamber of Commerce
Fairfield, CA
View Details

Travis Regional Armed Forces Committee Meeting
Dates: 10/19/2009 - 10/19/2009
Location: Delta Breeze Club, Travis AFB
Travis AFB, CA
View Details

TRAFC Executive Board Meeting
Dates: 10/12/2009 - 10/12/2009
Location: Fairfield-Suisun Chamber of Commerce
Fairfield, CA
View Details

Travis Regional Armed Forces Committee Meeting
Dates: 9/21/2009 - 9/21/2009
Location: Delta Breeze Club, Travis AFB
Travis AFB, CA
View Details

Save Articles.DirectoryM.net

RSS feed

Bookmark this on Delicious

Bookmark this page