Tag: tax_compliance

IRS Introduces Automatic Penalty Relief for Compliant Taxpayers

8 Jul 2026 2:09 p.m.

The IRS is launching Automatic Exemption from Penalty (AEP) in summer 2026, simplifying relief for taxpayers with a history of timely filing and payment. This new process replaces First Time Abate, automatically waiving certain penalties for eligible individuals.

Politics and Government Business Federal Government Economy Legal Social Issues IRS Penalty Relief Automatic Exemption from Penalty First Time Abate Taxpayers Tax Compliance
IRS Unveils New Look-Back Interest Calculator for Long-Term Contracts

29 May 2026 11:08 a.m.

The IRS launched an Excel-based calculator to help businesses and tax professionals compute look-back interest for long-term contracts, aiming to simplify compliance with Form 8697 requirements and enhance taxpayer service.

Politics and Government Business Science & Technology Federal Government Legal Computers and Internet Economy IRS Tax Calculator Look-Back Interest Long-Term Contracts Business Taxation Tax Compliance Form 8697