Frequently Asked Questions

The Penalty Box: What every taxpayer needs to know about IRS Penalties

Q. What is the best way to avoid being assessed a penalty?
Q. What will the IRS do if I file my tax return late?
Q. What is the penalty for making an error or mistake on my tax return?
Q. What happens if I pay my taxes late?
Q. Why should I pay estimated tax payments quarterly throughout the year?
Q. My business is tight right now, what happens if I pay my payroll taxes a little late?
Q. I heard that I could be responsible for my boss' taxes. Is that true?
Q. I have paid my payroll taxes, what is the harm in sending out my W-2's and 1099's late?
Q. How can I get out of a late filing penalty?
Q. I made a little mistake and the IRS assessed me a big penalty. What can I do to get out of paying the penalty?
Q. I have managed money properly but I still cannot pay my taxes on time. Is there anything I can do to get out of paying a penalty?
Q. I hear of people getting an extension. How does that work?
Q. I made a mistake on my first payroll tax returns. Is there anything I can do to avoid a penalty?
Q. What should I do if the IRS sends me a penalty notice?
Q. What should I do if I don't have the money to pay my taxes on time?
Q. What are the penalties most often assessed by the IRS?
Q. What are some of the excuses the IRS accepts in abating penalties?

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