There are penalties for the non-payment of taxes put in place by the IRS to ensure that taxpayers comply with taxation laws. These penalties differ from case to case, depending on the severity of the tax violation.
Generally speaking, interest rates are determined quarterly and accrues on any unpaid tax from the due date of the return until the date that payment is made in full. If you owe taxes and fail to file your tax return on time, the penalty is usually five percent of the tax owed for each month.
The good news is that tax penalties often get removed if the taxpayer can prove that their noncompliance was due to reasonable causes. Our team of tax experts ensures that your interests are adequately represented throughout the entire process for the best outcome possible. Call us today.