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The tax penalty aside, Californians who have a lifechanging event for example, having a baby, getting married, losing their health care coverage because they have changed jobs or moving to another area can qualify for a specialenrollment period through Covered California.
55) Further, civil tax penalty rules often allow taxpayers to claim specified defenses, such as "reasonable cause" or reliance on "substantial authority," that enable them to escape the imposition of these penalties.
The determination was made that the deferred annuity's owner was the "holder" for purposes of applying the exemption to the tax penalty.
After being made aware that Pennsylvania s CHIP Buy-in Plan does not qualify as MEC because it does not meet certain requirement(s), and therefore, families are required to find new health plans for their children, the Wolf Administration moved quickly to persuade the federal government to not only exempt these families from facing any tax penalty for 2014, but also to guarantee that there would be an extended enrolment period to April 15, 2015.
We would note that these amounts equal or exceed the tax penalty for civil fraud (75%).
REITs were not designed to become "dealers" in real estate and Kaplan said there can be a 100 percent tax penalty if certain rules are not followed.
The estimated tax penalty should be converted to an interest charge and a safe harbor should be created for all taxpayers, corporations and individuals.
Forbes' plan also calls for an end to the death tax and the marriage tax penalty.
Care must be taken to ensure that sufficient estimated tax payments have been made for the first and second installment periods so that the taxpayer will not become liable for an estimated tax penalty.
For example, she said, last year the IRS enforced a payroll tax penalty on one-third of U.