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Penalty for Under reporting of Tax: Substantial Penalty means 10% of correct Tax or greater than 5000.00 for Individuals
Penalty for Valuation Misstatement: Substantial subject to 20% (Up to 150% Misstatement) - Gross subject to 40% (200% or more), Fraud Penalty if 75%
Failure to File Penalty: Failure of an Individual to file a return is 510.00 or 100% of Tax Due. Penalty applies to 1120 and 1040 Returns after 60 days. Penalty is .5% of the amount due for failure to pay up to 25%.
Penalty for Underreporting of Tax (Accuracy Related Penalty): he accuracy-related penalty is 20% of the portion of the underpayment of tax that is attributable to negligence or disregard of rules or regulations.
Due Deligence Preparer Penalty: CTC, AOTC, ODC, HOH, EITC is 635.00 per failure
Preparer Penalty for knowingly or recklessly disclosing or using Tax return information: 1000.00 and/one year in prison.
Reportable Transaction Penalty (Tax Shelters): Penalty is 20% of the reportable transaction understatement when taxpayer adaquately disclose their participation. Penalty is increased to 30% if Taxpayer does not disclose their participation. In addition, a 75% civil penalty may also be imposed with a minimum penalty of 500.00 single or 10,000 MFJ OR a maximum penalty of 100,000.00 for single or 200,000 MFJ
Frivilous Tax Return Penalty: 5000.00 by IRS. Tax Court 25000.00
Penalty for each unfiled informational report: Up to 30 days late, 60.00 each. Over 30 days but before August 1st, 120.00. Filing after August 1st, 310.00. For intentional disregard, 630.00.
Trust Fund Recovery Penalty: 100% of the amount
Preparer Penalty for unreasonable position: Non intentional is 1000.00 or 50% of the prparer fee whichever is greater. Willfull or disregard, 5000.00 or 75% of the preparer fee whichever is higher
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