CREDIT GETIMAGE
CREDIT GETIMAGE
Failure to File Penalty applies to individuals who fail to submit their tax returns on time, with fines of 5% per month, capped at 25%.
CREDIT GETIMAGE
Late Payment Penalty is imposed on taxpayers who do not pay their taxes on time, with a monthly penalty of 0.5% and an increased penalty of 1% after receiving a Notice of Intent to Levy.
CREDIT GETIMAGE
Notice of Intent to Levy signifies a legal claim on a taxpayer's property by the IRS, necessitating timely action to prevent the levy.
CREDIT GETIMAGE
The accuracy Penalty is a 20% fine imposed by the IRS for errors in tax returns, including failure to disclose foreign assets or disregard for tax laws.
CREDIT GETIMAGE
Failure To Deposit Penalty is imposed for late tax deposits, with potential fines ranging from 2% to 15% depending on the delay.
CREDIT GETIMAGE
Avoiding IRS Penalties involves proactive steps like filing tax returns on time, paying balances promptly, and considering options like installment agreements or offers in compromise.
CREDIT GETIMAGE
Next steps