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Posts Tagged ‘irs penalties’

filing your taxes

The Importance of Filing Your Taxes, Even If You Can’t Pay

July 31, 2015

As far as IRS penalties are concerned, there is a difference between filing your tax return and paying your taxes. If you do not file your return, you pay the failure-to-file penalty. If you do not pay your tax bill, you pay the failure-to-pay penalty. If you do not file and pay, you pay the greater of the two penalties. You can and should file your tax return even if you cannot pay your taxes ...

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criminal charges

When Does The IRS Pursue Criminal Charges?

July 25, 2015

Violations of the Internal Revenue Code, such as tax evasion and tax fraud, may lead to criminal charges. Cases of tax evasion are dealt with most severely and are more likely to lead to criminal charges. Tax fraud, on the other hand, usually leads to civil penalties but it can lead to criminal charges, as well. Investigation by the IRS The IRS receives information about tax fraud and tax evasion from its revenue officers, the United States ...

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irs penalties

IRS Penalties and Interest

January 16, 2015  |   Last modified on June 10, 2021

If you owe back taxes, your balance steadily grows each month that it remains unpaid. After the filing deadline has passed, the IRS will begin to charge both penalties and interest on the amount owed. These charges can quickly increase your balance. The IRS stops charging penalties and interest only after you have resolved your tax debt permanently or the entire tax debt is forgiven. There are two types of penalties charged on a tax debt, ...

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