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Bookmark or Share- Opportunity zone penalties: What constitutes reasonable cause?A QOF can request penalty abatement due to reasonable cause under Sec. 1400Z-2 (f ) (3). The need to request relief can arise from the many circumstances that cause a QOF to fail the 90% asset test. One of these is by holding too much cash on hand, which could result from not finding a suitable investment within an opportunity zone within the ...
- Office of the Clerk, U.S. House of RepresentativesNov 12, 2024, 07:28 PM | 118th Congress, 2nd Session. Vote Question: On Motion to Suspend the Rules and Pass, as Amended. Stop Terror-Financing and Tax Penalties on American Hostages Act. Vote Type: 2/3 Yea-And-Nay. Status: Failed.
- Stop Terror-Financing and Tax Penalties on American Hostages ActThis bill postpones certain tax filing deadlines for U.S. nationals and their spouses who are unlawfully or wrongfully detained abroad or held hostage abroad. It also allows for a refund and abatement of tax penalties and fines paid by detained individuals. The bill terminates the tax-exempt status of terrorist supporting organizations.
- Failure to File Penalty - Internal Revenue ServiceThe Failure to File penalty is 5% of the unpaid taxes for each month or part of a month that a tax return is late. The penalty won't exceed 25% of your unpaid taxes.
- Penalty order passed beyond time period framed u/s. 275(1)(c ... - Tax GuruITAT was correct in law in deleting penalty levied by the AO on the ground that penalty order dated 29.07.2013 was passed beyond the time period framed by Section 275 (1) (c) of the Act and the same having been passed after the lapse of six months from the end of the month in which the penalty proceedings were initiated by the AO.
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