Post Filing Issues
Penalties
To be sure that all taxpayers pay their fair share of taxes, the law
provides penalties if you do not file returns or pay taxes as required. Criminal penalties
may be imposed for willful failure to file, tax evasion, or making a false statement.
These penalties will not apply if you can show that the
failures were due to reasonable cause and not willful neglect.
- Failure to file tax returns. If you do not file your tax return
by the due date, you may have to pay a penalty. The penalty is
based on the tax not paid by the due date. See your tax return
instructions for more information about this penalty.
- Failure
to pay tax. If you do not pay your taxes by the
due date, you will have to pay a penalty for each month,
or part of a month,
that your taxes are not paid. For more information, see
your tax return instructions.
- Failure to withhold, deposit, or pay
taxes. If you do not withhold income, social
security, or Medicare taxes from employees, or if you
withhold taxes but do
not deposit
them or pay them to the IRS, you may be subject to a
penalty of the unpaid tax, plus interest. You may also
be subject
to penalties if you deposit the taxes late. For more information,
see Publication 15.
- Failure to follow information reporting
requirements. Certain penalties may apply if you do not file required information returns. For
more information, see the General Instructions for Forms 1099, 1098, 5498, and W-2G.
- Failure
to file information returns. A penalty applies
if you do not
file information returns by the due date, if you
do not include all required information, or if you
report incorrect
information.
- Failure to furnish correct payee statements. A
penalty applies if you do not furnish a required statement
to a payee by the required date, if you do not include
all required
information, or if you report incorrect information.
Important References
Publication
1 Your
Rights As a Taxpayer
Publication 15 Circular E, Employer's
Tax Guide
Publication
583 Starting
a Business and Keeping Records
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