Day: September 16, 2016

The Internal Revenue Code imposes a number of penalties for failure to file returns, failure to furnish information returns, and failure to pay tax which affect individuals, companies, trusts, and estates. Many of those penalties are now tied to annual inflation adjustments, which means that they vary from year to year. In addition, a number of penalties, including those aimed at tax preparers have dramatically increased. Here’s what you need to know.

Today, Bloomberg BNA released their predictions for 2017. The good news? Many individuals and businesses can look forward to potentially lower tax liability because of higher deductions and credits.