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When the IRS places a levy on you, it is basically a garnishment. They have the right then to garnish your… More
A federal levy is the ability of the IRS to seize your property because of a tax lien. The levy itself is … More
The penalties for not filing or paying income taxes can range from around half a percent of the amount due… More
If a person is late on their tax return, the IRS will levy penalties and interest, and the penalty for fai… More
A tax lien is a claim imposed upon your home by a creditor. It is enforced by law for payment of a tax lia… More
Filing a tax extension with the IRS is important if your taxes cannot be filed on time to remain compliant… More
Minimizing your income tax through legal methods is called tax avoidance. Using illegal methods is called … More
Record keeping is fundamental when it comes to complying with taxing authorities, including the Internal R… More
The first U.S. income taxes were levied in 1861 to help fund the Civil War. That tax, along with the Wilso… More
Every year, the federal government collects a hefty slice of the nation's wealth in the form of income tax… More
Looking to get a house for a fraction of the cost? Consider investing in tax liens. When a person owes a s… More
Federal tax returns are handled by the IRS each year. It is important to file federal tax returns with inf… More
Everything you say during an audit will be recorded in your audit file. Learn what to do if the IRS audits… More
Avoiding a tax audit is possible by being completely honest about deductions, but audits can still occur e… More
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Summary: If a person is late on their tax return, the IRS will levy penalties and interest, and the penalty for failure to file is 5 percent per month on the amount owed. Learn about how the penalties and interest can be worse than the amount originally owed with help from a tax bookkeeper in this free video on tax penalties.
Ken Lewellyn is co-founder of Tennessee Business Services, Inc., a Tennessee bookkeeping, tax and consultant firm which provides bookkeeping, tax and business advisory services to...read more
"Hi we're here to talk about how to calculate IRS penalties. If you're late on your return, the IRS will levy penalties and interest. They have penalty for failure to file which is 5% per month on the amount that you owe. They have a penalty for failure to pay which is one half a percent per month on the amount that you owe. If you have interest on the amount that you owe, which is the federal short term rate plus 3% per month. All of these penalties begin the day the return is due, typically April 15th, and will run until the amount is paid in full. As you can see if you do the calculations you'll note that many times the penalties and interest will be far worse than the amount that you originally owed so it's in your best interest to number one file your return, you eliminate a lot of the penalty right there, and number two even if you can't pay it, make arrangements with the IRS to setup a payment program of some sort."
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