What are IRS Penalties and Interest?IRS Penalties and Interest are the fess the IRS assesses to the amount you owe for paying your taxes late. There are 2 types of penalties that the IRS will usually assess. They are:
- Failure to File: This is a fee added for not filing your taxes on time.
- Failure to Pay: This fee is added if you do not pay your taxes by the deadline.
- Interest: This is charged daily on the unpaid balance, until the whole balance is paid in full.
Even after you are charged with the IRS penalties and interest, they can be removed if you can show reasonable cause for filing or paying your taxes late. There are a number of reasons they will accept, so if may be worth your time to give the IRS or a tax professional, a call.
PENALTIES & INTEREST FROM THE IRS? IF SO CALL (347) 535-4017 & GET HELP NOW!
In most cases, the IRS will try to work with you. They are not evil, and they do understand that certain things happen. If you are a first time offender, then they will most likely work out something with you such as a payment or installment plan. New York Tax Attorney Service can help you find a qualified tax professional in New York City, for all your tax needs, even IRS Penalties and Interest.