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Welcome to DeepDive, the podcast where artificial intelligence and industry-leading expertise come together to take you deep into strategies for success in the tax and accounting industry. Each episode dives into important issues and trends, sharing insights about real tax and accounting pros, along with the latest from our CountingWorks Pro blog—all powered by AI for a listening experience you have to hear to believe.
Whether you’re looking to stay on top of industry news or just want to make sense of complex topics, DeepDive is here to keep you on the cutting edge.
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A Hidden Cost: Why Penalties Could Be Draining Your Wallet at Tax Time
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The Internal Revenue Service (IRS) has clear guidelines regarding the deductibility of penalties. According to IRS rules, penalties paid to the government for violating laws are not deductible as business expenses or itemized deductions.