Every year the Internal Revenue Service sends millions of letters and notices to taxpayers, but that doesn’t mean you need to worry. Here are eight things every taxpayer should know…

An accuracy- related penalty of 20% can be imposed for underpayments of tax due to: Negligence or disregard of rules or regulations, Substantial understatement of tax, Substantial valuation misstatement (increased…

Whether paying with a timely filed tax return, or filing late and paying late after receiving a bill from the IRS (and the bill is correct), taxpayers are encouraged to…

An understatement is considered to be substantial if it is more than the greater of: 10% of the tax required to be shown on the return, or $5,000. An “understatement”…

Those who act on frivolous positions risk a variety of civil and criminal penalties.  Those who adopt these positions may face harsher consequences than those who merely promote them.  “Like…