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IRS Penalties You Need To Know

IRS tax penalties can catch even the most careful taxpayer by surprise. They can, and very often due, result in hundreds, even thousands of dollars in additional taxes, fines, and interest charges. 

TAX TIP: If you ever find yourself in this situation, ALWAYS FIRST request a total or partial abatement of the penalty before paying it. The IRS often grants a "First-Time Waiver" or will forgive a penalty if you show reasonable cause. Interest charges, by law, cannot be waiver.

Many taxpayers are unaware of various IRS Penalties that exist. Below is a checklist of some you need to be aware of - and avoid.

1-Failing to file a tax return.

2-Failing to pay tax due.

3-Filing a late tax return.

4-Paying a tax due late.

5-Filing a frivolous tax return.

6-Accuracy related penalty.

7-Negligence or disregard of the rules and regulations penalty.

8-Substantial understatement of tax.

9-Substantial valuation misstatement.

10-Underpayment attributable to undisclosed foreign financial assets.


12-Tax avoidance shelters.

13-Erroneous refund or credit claims.

14-Underpayment of tax.

CALL NOW 561-746-1926 or 561-339-8102 if you have any questions or concerns or would like to schedule a FREE, Confidential, No-Obligation Tax-Saving Consultation.