Penalties


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Penalties

For tax purposes, amounts that the IRS may assess at a statutory rate as an addition to a tax deficiency and interest. The tax Code provides for penalties for various infractions, such as underpayment of estimated tax, late filing of a return, late payment of tax, substantial understatement of tax, negligent or intentional disregard of rules, and fraud.
References in periodicals archive ?
Louis, Missouri called the penalties "the price that many hospitals will pay for taking care of underserved populations.
Whether penalties are link-related, content-related or both, Penalty Pros goes to work using a three-step process to correct the problems and get the site back on its feet.
There is no authority to rescind penalties for listed transactions.
The lack of an appeals process, harsh new penalties, indiscriminate assessments and information sharing are just some of the concerns CPAs need to be aware of as they advise their clients regarding tax amnesty.
Alternatively, a "protective" disclosure can be filed in order to avoid any penalties tied to non-disclosure of reportable transactions.
com), the nation's largest source of financing for home mortgages, Alabama, New Jersey, Texas, and Vermont have outlawed these penalties.
According to one report, the city paid $415,000 in penalties last year.
They have said, "You are right, the Mondale campaign is guilty, the AFL-CIO is guilty,' and that's the end of it--no penalties whatsoever.
When asked about the average number of payroll tax filing penalties received each year, the majority of U.
First, it imposed significant penalties for failing to disclose reportable transactions, regardless of a tax underpayment.
California's new rules also provide for a variety of penalties for taxpayers in various circumstances, including a failure to report penalty; (8) a 100-percent interest penalty for taxpayers contacted regarding the use of a potentially abusive shelter; (9) reportable-transaction understatement; (10) noneconomic-substance transaction understatement; (11) and enhancement of an accuracy-related penalty.
Taxpayers perform detailed documentation studies in order to show compliance with rules and to avoid penalties in numerous jurisdictions.