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The
Presti & Naegele Advantage
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Watch Now
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Latest Tax Alerts
Check out the latest tax alert section of our website, full of links and articles for professional and personal tax news. Read More
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New ACA information forms debut for 2016 filing season
As the 2016 filing season gets underway ... Read More
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Tax-related identity theft remains serious problem as filing season begins
In recent years, identity theft has mushroomed ...
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How do I? Prove business expenses
Everyone in business must keep records. ...
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February 2016 tax compliance calendar
February 2016 tax compliance calendar ...
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Presti & Naegele
Contact us at:
info@pntax.com
Tel:(212)736-0055
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Transit benefits parity made retroactive and permanent
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The Protecting Americans from Tax Hikes Act of 2015 (PATH Act) extended and enhanced many popular tax breaks for individuals and businesses. Included in the large number of extended incentives is transit benefits parity. Moreover, Congress made transit benefits parity permanent. Many individuals may benefit from this tax break, depending on their employers.
Background
Many employers encourage employees to use mass transit or van pools to commute to and from work. Federal tax law also encourages commuting by mass transit or van pooling by treating these incentives as qualified transportation fringe benefits.
In 2009, Congress first enacted transit benefits parity as a temporary measure. Previously, the amounts that could be excluded from income as qualified transportation ... Read More
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FAQ: Can the IRS impose penalties if a return is not filed/tax not paid?
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Yes, the IRS can impose penalties if a tax return is not timely filed or if a tax liability is not timely paid. As with all IRS penalties, the rules are complex. However, a taxpayer may avoid a penalty if he or she shows reasonable cause.
Failure to file
The penalty for failure to file a timely return is five percent of the net amount of tax due for each month or partial month of the delinquency, up to a maximum of 25 percent. The penalty runs from the due date of the return until the date the IRS actually receives the late return. If the failure to file an income tax return extends for more than 60 days, the penalty may not be less than the lesser of $135 (subject to annual inflation adjustments) or ... Read More
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