Frivolous Tax Return penalty
You may have to pay a penalty of $5,000 if you file a frivolous tax return or other frivolous submissions. If you jointly file a frivolous tax return with your…
Read morePenalty for bounced checks
If you write a check to pay your taxes and the check bounces, the IRS may impose a penalty. The penalty is either 2 percent of the amount of the…
Read moreCivil Fraud penalty
If there is any underpayment of tax on your return due to fraud, a penalty of 75 percent of the underpayment due to fraud will be added to your tax.…
Read morePenalty for negligence and disregard of the rules and regulations
“Negligence” includes (but is not limited to) any failure to: make a reasonable attempt to comply with the internal revenue laws exercise ordinary and reasonable care in preparation of a…
Read morePenalty for substantial understatement
You understate your tax if the tax shown on your return is less than the correct tax. The understatement is substantial if it is more than the larger of 10…
Read morePenalties for filing or paying taxes late
The most common penalties are for filing late or paying taxes late. Filing late: If you do not file your return by the due date (including extensions), you may have…
Read moreEstimated Tax-Related Penalties
Employees have taxes withheld from their paychecks by their employer. When you have income that is not subject to withholding you may have to make estimated tax payments during the…
Read moreIRS Notices and Bills, Penalties and Interest Charges
April 15th is the deadline for most people to file their individual income tax return and pay any tax owed. Tax returns are checked for mathematical accuracy. If there is…
Read moreDon’t pay taxes, credit takes a hit
This year, Uncle Sam is giving U.S. taxpayers some extra time before the filing deadline. The 2012 deadline falls on Tuesday, April 17, as the normal April 15 date fell…
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