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Old 04-08-2013, 07:23 AM
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Penalties for not filing taxes

What are the penalties for not filing taxes?



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Old 04-08-2013, 11:14 AM
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“What are the penalties for not filing taxes?”==================In general, the law imposes penalties to ensure that all taxpayers pay their taxes. If you underpay your tax due to fraud, you may be subject to a civil fraud penalty. In certain cases, you may be subject to criminal prosecution. Failure-to-file penalty; If you do not file your return by the due date (including extensions), you may have to pay a failure-to-file penalty. The penalty is 5% of the tax not paid by the due date for each month or part of a month that the return is late. This penalty cannot be more than 25% of your tax, but it is reduced by the failure-to-pay penalty for any month both penalties apply. However, if your return is more than 60 days late, the penalty will not be less than $100 or 100% of the tax balance, whichever is less. You will not have to pay the penalty if you can show reasonable cause for not filing on time. Failure-to-pay penalty; You may have to pay a penalty of 1/2 of 1% of your unpaid taxes for each month or part of a month after the due date that the tax is not paid. This penalty cannot be more than 25% of your unpaid tax. You will not have to pay the penalty if you can show good reason for not paying the tax on time. ALSO, you may have to pay a penalty of $500 if you file a return that does not include enough information to figure the correct tax or that shows an incorrect tax amount due to: A frivolous position on your part, or A desire to delay or interfere with the administration of federal income tax laws. An accuracy-related penalty of 20% applies to any underpayment due to Negligence or disregard of rules or regulations, or Substantial understatement of income tax; Substantial understatement of income tax. For an individual, income tax is substantially understated if the understatement of tax exceeds the greater of 10% of the correct tax, or $5k.



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Old 04-17-2013, 03:30 AM
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Originally Posted by taxpros View Post
What are the penalties for not filing taxes?
IRS may file substitute return for you. If you file you tax return after the deadline then you will not get extension and you have to pay penalty of 5% of your balance per month.For more information you can contact experienced Goldburd McCone attorney in new york.



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