new-bill-aims-to-abolish-tax-penalties-against-single-parents-and-make-it-easier-to-claim-the-$3,000-child-tax-credit

Three progressive Democrats introduced a bill in the House on Thursday that would make it easier for single parents to claim all the benefits of the new $3,000 child tax credit.  Reps. Katie Porter, D-Calif., Ayanna Pressley, D-Mass., and Don Beyer, D-Va., introduced the Single Parent Penalty Elimination Act, whichContinue Reading

are-irs-penalties-tax-deductible?

The US tax code does not allow taxpayers to deduct penalties assessed by the Internal Revenue Service (IRS). IRS penalties are typically assessed for violation of tax laws, such as misreporting income or claiming false deductions or tax credits. The IRS typically assesses penalties along with interest on the balanceContinue Reading