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IRS Penalties and Interest

IRS Penalties and Interest Failure to pay your taxes on time can result in IRS penalties and interest being added to the total amount that you owe. Even if you are just late paying your taxes, the IRS will view this as nonpayment and add the penalties and interest. If you are late on paying your taxes, you need to take action immediately. Either contact the IRS directly, or call (347) 535-4017 so New York Tax Attorney Service can get you the help you need from a qualified tax professional.

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.
 
DO YOU HAVE IRS PENALTIES AND INTEREST? IF SO CALL (347) 535-4017 & GET HELP NOW!
The IRS applies a 5% fee total, each month, to the net amount you owe, up to 25%. The break down is 0.5% for the late payment and 4.5% for filing late. The fee for filing late applies to the net amount you owe. The failure to file penalty will max out after 5 months of nonpayment, but the failure to pay penalty will continue up to 25%. The total combined amount of the penalties can add up to 47.5%!
  • Interest: This is charged daily on the unpaid balance, until the whole balance is paid in full.
The IRS determines the short term rates every 3 months. That means your interest rate can change throughout the year. It usually stays around 3%, but nothing is guaranteed. To stay up to date on the interest rates that are being charged, visit IRS penalties and interest or do a search for IRS interest rates.
 
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!

Being late on your taxes and incurring IRS taxes and penalties, is first in the string of occurrences that will transpire if you neglect to pay them at this point. The notices from the IRS will only get more harsh, and the consequences more severe. This can be anything from a tax lien or levy, to wage garnishment and even jail time. To learn more about what steps will follow, see IRS tax debt.
 
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.
NEED HELP AGAINST THE IRS? IF SO CALL (347) 535-4017 & GET HELP TODAY!
 
 

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If you have incurred IRS penalties and interest and do not know where to turn then call (347) 535-4017 right now for a free consultation on federal tax penalties & interest. Don't delay, call (347) 535-4017 right now and get the answers you need about IRS penalties and interest!