Do you know that there are over 140 separate IRS penalty provisions?
Penalties can be mathematical/mechanical or willful, they can be civil or criminal.
Most common penalty’s types:
• Failure to file a tax return (up to 25% of the net amount due)
• Failure to pay tax (up to 25% of the net amount due)
• Fraudulent failure to file a tax return (up to 75% of the net amount due)
• Underpayment of estimated tax (federal interest quarterly rate is applied for the number of days late)
• Bad check written to IRS (2% of the bad check amount)
• Failure to report tips (50% of Social Security and Medicare taxes and negligence penalty of 20% of income tax plus interest)
• Accuracy related penalties (20% or 40% depending on the nature and amount of understatement).
The IRS also charges underpayment interest on top of the amount of unpaid taxes and penalties. Underpayment interest is accrued daily.
The combined amount of interest and penalties due can become really huge, sometimes even higher that the initial tax amount due.
SunTax Consulting can help you to deal with IRS penalties and accrued interest.
Our team of committed professionals will work with you directly to understand your specific circumstances and reasons for not paying taxes in time. Then we will communicate with IRS on your behalf and do our best to find the most beneficial solution for our clients.
We are here to continuously support our clients in accomplishing their business and personal goals
In 90% cases we can help you with either removal or abatement of your tax associated penalties
Contact us to get professional tax help
Special offer for our new clients
We provide free prior year tax returns review for the individual taxpayers.
Don’t miss this rear opportunity!
Do you want to know if your last year return preparer did a good job or did you miss some tax benefits? Let’s find out!
We might be able to find some missed credits and/or deductions – such a positive reason to file an amended return!
