Penalties for failing to file a return and failing to pay tax

Mar 27

Written By James Park

Failing to file a return: 5% per month of unpaid liability (up to 25%)

Failing to pay tax: 0.5% per month of unpaid liability (up to 25%)

Visit https://www.irs.gov/payments/penalties for more details

Criteria for qualifying as a dependent child

Avoid penalty on underpaying estimated tax payments