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). 

Read now »

Related Content

• Underpayments, Overpayments, and Deficiency Notices Checklist
  Review this list of signposts and steps to take in acting on awareness issues tied to contesting notices of federal tax deficiencies, appeals from adverse decisions, and interest on underpayments and overpayments.
• Interest Rates on State Income Tax Underpayments and Overpayments State Law Survey
  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.

• Interest Rates on State Income Tax Underpayments and Overpayments (State Law Comparison Tool)
  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.
• Document alertsallow you to stay current on legal developments that affect your practice. Find out how to set up your document alerts. 
• Generative Artificial Intelligence (AI) Resource Kit is a frequently updated collection of current Practical Guidance materials on generative AI, ChatGPT, and similar tools.
• 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.
• Check out our Practical Guidance Author Center! Learn about the 2000+ leading attorney authors contributing to our 26 practice areas, and find out how you can Become a Practical Guidance Author. Practical Guidance is committed to amplifying diverse voices of attorneys across all differences, including gender and race.
• Legal Developments provide the latest updates and analyses of emerging topics impacting your practice area. Visit the Legal Developments page to see the latest topics, which also include breaking legal news and related Practical Guidance content. 
• 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

PRACTICAL GUIDANCE CUSTOMER EMAIL EDITION ON THE WEB

Experience results today with practical guidance, legal research, and data-driven insights—all in one place.

Experience Lexis+