Information on Tax Returns
A penalty will be issued against you by the IRS if you fail to comply a tax return in which that tax return has a due. This kind of penalty is applied and reserved for those taxpayers who entirely fail to file. You are off the hook for this penalty if you do have a good reason for being unable to file your tax return.
A cost of five percent will be added to the total amount of net tax due per month the return is late if ever you did not work on your tax return. Net tax due refers to the amount of tax that is due on your return excluding any bills done on or before the tax return that is supposedly filed. There is a minimum and maximum charge the IRS can charge any taxpayer.
An unpleasant penalty is awaiting for you if your return happens to be fraudulent. Taxpayers who avoid paying taxes usually get a serious penalty.
There are following things that the IRS will look for prior to filing a penalty.If the taxpayer fails explain the reason of not to filing their return, if he is making up stories that disagree with the IRS, if the taxpayer has a history or if he is being capable of doing so, if he is trying to hide from the IRS, if he is paying cash for other expenses and if he has files in the past but has chosen not to file this time are what the IRS are looking for.
A penalty of 12 months will be given to you if you fail to comply your tax return and you have an S corporation or partnership.
If your reason is reasonable enough for the IRS, you be forgiven for filing your return late. It is excluded when you just did not want to file or if you felt lazy in filing your return.
This just means that each particular case will be studied by the IRS to know if you should be given any penalty or not.
There are questions the IRS will ask about filing you a penalty or not. Knowing about the situations of the taxpayer due to failure of filing a return such as what has stopped them from doing so and when did it exactly happen is what the IRS should know.
A six month extension is open for all taxpayers to file for them to file their return.
A firm may help you on your taxes.
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