Irs Tax Penalty
Are You Aware Of IRS Tax Penalties?
Have you been told to pay your IRS tax penalty? What was the reason behind this? Are you aware of the several reasons for which you may be charged with IRS tax penalty? Do you know how to calculate IRS tax penalty? Are you looking for ways to get rid of these IRS tax penalties?
Some or many of such questions come in the minds of many taxpayers and defaulters. First, you need to understand the reason behind the IRS tax penalty imposed on you. Reasons can be many, you may be penalized for not filing your IRS taxes, late filing, non-payment of taxes, delay in payment, fraudulent information provided by you to the tax authorities, negligence etc…
Different code sections have been defined in the law for various types of penalties. Type of IRC code section imposed upon an individual depends on the severity of fault he or she has done. Calculation of penalties is based upon certain factors that include type of fault and the duration since the fault is in practice.
Almost every person who is trapped in the IRS tax penalty looks for ways to get rid of this problem. The only way out of this problem is to prove the authorities that the delay or failure in the payment of IRS tax was due to a reasonable cause or tragedy. People who have been charged with charges of presenting incomplete or fraudulent information to the authorities need to convince them that it was not intentional and was an outcome of a confusion or negligence. You need to have all the supporting documents and proofs to prove your points. This would help you to convince your point to the tax authorities.
Many people have a myth that they are not responsible for IRS tax penalties if that have hired a professional to deal with their taxes who has failed to file their return. As per law, you are responsible for filing your return and you are not exempted from law if you have hired the services of a professional for yourself. Therefore, the best way is to file and pay your taxes on schedule to avoid any complications in future.