Small Business Tax Penalties: What They are & When They are Charged
May 3rd, 2010 admin
When the IRS charges your business with tax penalties , you may be shocked at the amount they charge. IRS penalties at times can account for 50% of a tax bill at times. Many of the IRS penalties have their limits but the IRS also does tend to stack some penalties which can lead to enormous tax bills. Understanding the most common penalties the IRS charges small businesses can help you realize certain actions that must be taken to avoid these penalties. Below are the most common penalties charged on small businesses. Late Payment Penalty : Failure to pay penalty is normally .5% a month on outstanding taxes. This amount is automatically charged by the IRS computers if a tax return is filed without payment or total payment. This penalty can be up to 25% of total unpaid tax amount. In order…
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