The IRS will inform you of any tax penalties owed by letter detailing their reason for the penalties applied. Each of these has penalties that are calculated in different ways, so be sure you know what penalties are being assessed and for what reason before responding to the notice.Ī failure to file means you’ve forgotten to file your tax return on time.Ī failure to pay indicates you filed your tax returns but likely owe some money to the IRS and haven’t made a tax payment yet.Ī failure to deposit means you haven’t properly paid your employment tax deposits, either by not paying on time, paying the correct amount, or paying the right way. There are three big reasons you could be receiving a penalty: failure to file, failure to pay, or failure to deposit. It's quick, easy and won’t cost you anything.
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