IRS Penalty – Internal Revenue Code Simplified https://www.irstaxapp.com A Tax Guide That Saves You Money ! Fri, 15 Mar 2019 14:27:13 +0000 en-US hourly 1 https://wordpress.org/?v=5.2.2 https://www.irstaxapp.com/wp-content/uploads/2017/12/cropped-irstaxapp-logo1024x1024-1-32x32.png IRS Penalty – Internal Revenue Code Simplified https://www.irstaxapp.com 32 32 What is Failure to Deposit Penalty & Interest? https://www.irstaxapp.com/what-is-failure-to-deposit-penalty-interest/ https://www.irstaxapp.com/what-is-failure-to-deposit-penalty-interest/#respond Fri, 15 Mar 2019 14:26:07 +0000 https://www.irstaxapp.com/?p=2072 failure to deposit penaltyLet me first elaborate on “failure to deposit penalty” which is imposed on employer not paying payroll taxes within scheduled time. Internal Revenue Code makes Employers responsible for withholding tax from their employee’s paychecks and also their contribution to Social Security, and Medicare taxes. After deduction of these amounts , one needs to deposit them […]]]> https://www.irstaxapp.com/what-is-failure-to-deposit-penalty-interest/feed/ 0 IRS Lowers Estimated Tax Penalty Threshold for 2018 https://www.irstaxapp.com/irs-lowers-estimated-tax-penalty-threshold-for-2018/ https://www.irstaxapp.com/irs-lowers-estimated-tax-penalty-threshold-for-2018/#respond Thu, 24 Jan 2019 11:37:14 +0000 https://www.irstaxapp.com/?p=1749 https://www.irstaxapp.com/irs-lowers-estimated-tax-penalty-threshold-for-2018/feed/ 0 How to Get first time penalty abatement from IRS? https://www.irstaxapp.com/how-to-get-first-time-penalty-abatement-from-irs/ https://www.irstaxapp.com/how-to-get-first-time-penalty-abatement-from-irs/#respond Thu, 03 May 2018 05:33:37 +0000 https://www.irstaxapp.com/?p=1390 first time penalty abatementIRS has an administrative policy to waive the penalty for failure to file the tax return or pay taxes in time or deposit tax in time if certain conditions are fulfilled by the taxpayer]]> https://www.irstaxapp.com/how-to-get-first-time-penalty-abatement-from-irs/feed/ 0 FAQs on Penalty for Underpayment of Estimated Tax https://www.irstaxapp.com/faqs-on-penalty-for-underpayment-of-estimated-tax/ https://www.irstaxapp.com/faqs-on-penalty-for-underpayment-of-estimated-tax/#respond Thu, 19 Apr 2018 12:43:33 +0000 https://www.irstaxapp.com/?p=1338 underpayment of estimated taxInternal Revenue Code provides for tax payment liability as you earn. IN other words, you need to pay tax on current year income quarterly. If you fail to do that , additional tax is imposed per IRC 6654 ]]> https://www.irstaxapp.com/faqs-on-penalty-for-underpayment-of-estimated-tax/feed/ 0 1099 Misc Filing Deadline Approaching . File to Avoid Penalty https://www.irstaxapp.com/1099-misc-by-self-employed/ https://www.irstaxapp.com/1099-misc-by-self-employed/#respond Mon, 08 Jan 2018 15:48:27 +0000 http://www.irstaxapp.com/?p=1127 Form 1099 MiscA self-employed person has to pay self employment tax and complete Schedule SE , include payments for services on Schedule C (Form 1040), Profit or Loss From Business (Sole Proprietorship). But before all that one other legal responsibility of self-employed is to send a 1099-MISC to the contractors you paid.So let us start from basics […]]]> https://www.irstaxapp.com/1099-misc-by-self-employed/feed/ 0 IRS Late Payment Penalty Calculator https://www.irstaxapp.com/irs-late-payment-penalty-calculator/ https://www.irstaxapp.com/irs-late-payment-penalty-calculator/#respond Wed, 06 Dec 2017 13:29:35 +0000 http://www.irstaxapp.com/?p=933 IRS late payment penalty calculatorThe IRS late payment penalty calculator is answer to find out the answer to the question ” how much does it cost to file taxes late ?”. So use this tool for fast estimation of amount that may imposed as penalty for failure to pay tax in time by a tax  payer. The quantum of […]]]> https://www.irstaxapp.com/irs-late-payment-penalty-calculator/feed/ 0 Filing Taxes Late Penalty Calculator https://www.irstaxapp.com/filing-taxes-late-penalty-calculator/ https://www.irstaxapp.com/filing-taxes-late-penalty-calculator/#comments Fri, 03 Nov 2017 12:44:10 +0000 http://www.irstaxapp.com/?p=790 filing taxes lateFiling taxes late penalty calculator is based on the law under section 6651 of the US Code 26 that provides that if any taxpayer who files tax after the due date for filing of return , he/she/it will pay a penalty @ 5% per month for the period of delay. I have written in detail […]]]> https://www.irstaxapp.com/filing-taxes-late-penalty-calculator/feed/ 2 Penalty for filing taxes late : How to Prevent ? https://www.irstaxapp.com/penalty-for-filing-taxes-late-how-to/ https://www.irstaxapp.com/penalty-for-filing-taxes-late-how-to/#comments Wed, 01 Nov 2017 15:44:01 +0000 http://www.irstaxapp.com/?p=777 Penalty for filing taxes latePenalty for filing taxes late is also called penalty for failure to file . In simple legal terms, filing tax return by due date is obligatory on all tax payers. If you file taxes late means you are inviting penal provision under Paragraph 1 of section 6651 of US code 26 which basically says that […]]]> https://www.irstaxapp.com/penalty-for-filing-taxes-late-how-to/feed/ 2