Understanding the IRS Penalty When You Receive an IRS Notice in Mount Laurel, NJ
By Fanta Kaba
(OnPoint Resolution LLC)
Receiving a notice from the IRS can be a nerve-racking experience. It's never good news when you see that infamous letterhead in your mailbox. For non-filers, it's even scarier because it can come with a penalty. The IRS penalty can be steep, making it essential for you to understand how it works. What is an IRS penalty, and how does it work?When you owe the IRS money, you need to pay it back with interest. If you neglect to do so, the IRS adds a penalty for non-payment, which supplements the interest. The penalty is a percentage of the tax you owe and will continue to accrue until your debt is paid in full. The percentage can vary, depending on how long your debt has remained unpaid and how much you owe. Additionally, there's a separate penalty for not filing your tax returns on time. ...
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