02 Jan 2024
I Owe the IRS How Much? Civil Penalties in the Internal Revenue Code and their Defenses
There are over 100 penalties in the Internal Revenue Code. Learn more about the penalties the IRS asserts most frequently, and that can apply to all types of taxpayers (individuals, corporations, partnerships, trusts and estates, etc.) and all types of federal taxes (including income taxes, employment taxes, and estate and gift taxes).
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See how states want their tax revenues on time, too, and that the required tax is paid. This survey summarizes the tax laws in all 50 states plus the District of Columbia governing the imposition of interest on underpayments or overpayments, of income tax to the individual or entity, within the respective state.
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Use the State Law Comparison Tool in reviewing and comparing each state’s interest rate on underpayments and overpayments/refunds. Most rates change annually or quarterly; some are fixed.
Practical Guidance Updates
Featuring the latest updates from your Practical Guidance account.
- Tax Key Legal Developments Tracker (Federal)—keep up to date with key legal developments!
- Business Entities. IRS and Treasury propose regulations to implement the advanced manufacturing production credit established by the Inflation Reduction Act of 2022 to incentivize the production of eligible components within the United States. Section 45X Advanced Manufacturing Production Credit, 88 Fed. Reg. 86844 (Dec. 15, 2023) (Notice of proposed rulemaking and public hearing).
- Business Entities. IRS announces that Treasury and IRS intend to propose regulations under R.C. §§ 59(l), 78, 704, 901, 903, 951A, 954, 960, and 1503(d)to address the application of those provisions, including the foreign tax credit rules and the dual consolidated loss rules, to certain types of taxes described in the “Tax Challenges Arising from the Digitalization of the Economy - Global Anti-Base Erosion Model Rules (Pillar Two)” (GloBE Model Rules). Notice 2023-80.
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- Public Interest, Pro Bono, and Non-Profit Resource Kit offers valuable guidance for those providing pro bono legal services and assisting non-profit organizations and public interest groups. It includes useful content on topics including tenant's rights, fair housing and lending, discrimination, immigration, and general non-profit resources.
- Practical Guidance Journal Winter Edition features Generative AI’s explosive impact on the law and legal practice. Explore developments covering Generative AI in discovery, data security, and intellectual property. Also review new private market data for real estate and labor & employment practitioners.
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- Listen Up! The Practical Guidance and Law360 Podcasts Resource Kit features interviews with industry-leading attorneys on innovative issues in the law: NFTs, Cannabis, COVID-19, and more.
- New and Recently Updated Practical Guidance Content
- Selling Federal Energy Tax Credits: Who, What, When, and How and Other Important Points
- US Scrambling to Save R&D Credit under Global Min. Tax
- Further Delay of Implementation of $600 Reporting Threshold for Forms 1099-K; $5000 Threshold for 2024 to Phase in Implementation
- IRS Floats Rules to Broaden Green Energy Investment Credit
- IRS Announces New Compliance Initiatives Aimed at Large Corporations
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