IRS Penalties for Late Filing of Income Tax Return
IRS Penalties and interest may be for a number of different occurrences.
Some examples
are: understating your tax liability, understating a reportable transaction, file an erroneous
claim for a refund or...
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IRS Penalties for Late Filing of Income Tax Return
IRS Penalties and interest may be for a number of different occurrences.
Some examples
are: understating your tax liability, understating a reportable transaction, file an erroneous
claim for a refund or credit, or file a frivolous tax submission.
But the easiest way to receive
a penalty is by filing late.
When it comes to penalties and interest, the Internal Revenue Code may impose many
different types of penalties.
These can be as simple as a civil fine, or as harsh as
imprisonment, depending on the particular scenario.
How IRS Penalties Are Calculated
Penalty for Filing Late: If a return is not filed by the due date, you may have to pay a failureto-file penalty.
This amount is typically 5% per month, but not greater than 25%.
The
penalty is based on the unpaid amount as of the due date.
Penalty for Paying Late: The Failure-to-Pay Penalty of .
5% of unpaid taxes per Month is
incurred each month after taxes due are not paid.
Less