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Posts Tagged ‘irs penalty and interest’

IRS Penalties and Interest

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 tax debt, which ...