What Penalties Does the IRS Assess? A Columbus Tax Attorney Explains

The IRS has multiple penalties that can be assessed to individual and business taxpayers. The failure to file penalty applies when an individual taxpayer files their income tax return after the due date and is assessed at the rate of 5% per month, maxing out at 25%. The failure to pay penalty applies on tax due that is not paid on or before April 15th and is assessed at the rate of .5% per month, maxing out at 25%. If a taxpayer gets on a formal installment agreement, the failure to pay penalty can be reduced to .25% per month. If you have been assessed any tax penalties, you may consider speaking with a tax attorney who can assist in resolving the matter, preventing future penalties and perhaps formally requesting the tax penalties be abated (waived). You can speak with a Columbus tax attorney by contacting The McGuire Law Firm.

click here for a free consultation with a Columbus tax attorney.