Monday, June 13, 2016

THREE COMMON REASONS FOR TAX PENALTIES - ADVANCE TAX RELIEF - www.advancetaxrelief.com

The number of different tax code penalties is staggering but here are three to worry about:
1. INACCURACIES:
The IRS can hit you with a 20% penalty if you were negligent (unreasonably careless) or substantially understated your taxes. This "accuracy-related" penalty is applied when you cant prove a deduction on an audit, or you didn't report all of your income and the IRS discovers it.
2. CIVIL PENALTIES:
If the IRS finds that you under-reported your income with a fraudulent intent (it doesn't look like an honest mistake), a fine of 75% can be added. You may also be charged with the crime of tax fraud, which is a more rare.

3. LATE FILING:
If you are late in filing your income tax return or other forms. The IRS can penalize you an additional 5% per month on any balance. However, this penalty can be only for the first five months following the tax returns due date, up to a 25% maximum. If there is no balance due on a late return, the IRS cant impose this stiff penalty but may be able to tack on lesser penalties.
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ADVANCE TAX RELIEF is not a Traditional CPA or Law Firm. We are Professional Tax Organization of Tax Attorneys, IRS Enrolled Agents, Tax Professionals and Ex IRS employees that help struggling Taxpayers settle or resolve that back tax problems. Call us (800)970-8574 for a free consultation.