IRS late payment penalty calculator
Point to Note on IRS penalty calculator
- Penalty for failure to pay is dependent on the failure to file tax return. Because the failure to file penalty is fixed at 5% where as the late payment penalty rate is one tenth i.e 0.5% . Therefore , till the month of penalty for failure to file penalty imposed , no penalty for late payment of tax shall be imposed as per law.
- The extension of due date to file tax return affects the penalty calculation . If you pay 90% of the tax by the time of filing application for extension of time to file tax return and pays the balance tax by the extended due date , penalty for failure to pay can not be imposed then.
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