March 17, 2010 - William L. Henry IV
Now that tax time is upon us, many people are faced with the problem of not filing their tax return or paying the tax that is due. Here is a breakdown of the IRS penalties and interest that you might face and what to do. Our Denver tax attorney can also help guide you in resolving your IRS penalty problems. Here are common IRS penalties when you fail to file your taxes:
- A penalty for failure-to-file if you do not file by the deadline;
- An IRS penalty for failure-to-pay if you do not pay be the due date;
- the penalty for filing late is 5% per month on the unpaid tax (maximum of 25%);
- a failure to pay penalty of 1/2% of your unpaid taxes for each month (not to exceed 25%);
If you have failed to file your tax return, or you have not paid your tax liability, or Denver tax attorneys can help. Options include offers in compromise, penalty abatement, and installment arrangements. We discuss some of the strategies for your IRS problems here.
Our Denver tax lawyers find solutions to your IRS and Colorado Department of Revenue tax problems. Robinson & Henry maintains offices in Colorado Springs, Castle Rock, and Denver. A tax attorney is available to meet with you in person or over to the phone to discuss your situation. Please contact one of our IRS tax attorneys for a free consultation at (303) 688-0944 or by clicking here.
IRS CIRCULAR 230 DISCLOSURE STATEMENT: The advice, if any, contained in this correspondence and its attachments or enclosures is not intended or written to be used, and cannot be used, for the purposes of (1) avoiding penalties arising from the U.S. Federal tax laws or (2) promoting, marketing, or recommending to another party any plan or arrangement addressed herein.