Which of the following is a condition that triggers the penalty for negligence or intentional disregard?

Expert Solution

A component of the accuracy-related penalty involves a taxpayer’s negligence or disregard of rules or regulations — “negligence” is defined in tax law as any failure to make a reasonable attempt to comply with the provisions of the tax law, and the term “disregard” includes any careless, reckless or intentional disregard.

If the IRS has reason to believe that you made a careless, reckless or intentional mistake on your tax return, the IRS may charge you the 20% accuracy-related negligence penalty.

To find out whether the penalty applies, the IRS looks at several factors. For example, the IRS will look to see whether you:

1. Made the same mistake before

2.Kept adequate records

3.Have a reasonable explanation as to why you made this mistake

The IRS expects you to make a reasonable attempt to file an accurate tax return. If you can show you made a reasonable attempt, the IRS typically doesn’t charge the negligence penalty.

ekkarill92 answered 1 year ago

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