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The IRS and Tax Penalties: What You Need to Know

Oct 8

The IRS and Tax Penalties: What You Need to Know

Nobody likes surprises, especially when it comes to taxes. That's why it's important to be aware of the different types of penalties the  IRS can assess if you fail to file or pay your taxes on time. While the thought of owing money to the government is daunting, it's important to know that the IRS does have some leniency when it comes to penalties. Here's what you need to know.

The most common type of penalty is the failure-to-file penalty, which is assessed when you don't file your tax return by the April deadline. The penalty is 5% of the unpaid taxes for each month (or partial month) that the return is late, up to a maximum of 25%. The failure-to-pay penalty is much smaller—0.5% per month (or partial month), up to a maximum of 25%. This penalty is assessed on any unpaid taxes from the April filing deadline until the date that you pay in full. 

If you're unable to pay your taxes in full, you should still file your return and pay as much as you can. The IRS has a few different payment options available, including installment agreements and offers in compromise. An offer in compromise allows you to settle your tax debt for less than what you owe, but it's important to note that not everyone qualifies for this program. 

These are just a few things to keep in mind if you find yourself owing money to the IRS. While nobody likes paying penalties, it's important to know that the IRS does have some leniency when it comes to assessing them. If you're unable to pay your taxes in full, make sure to file your return anyway and contact the IRS about setting up a payment plan.

Fresh Start Program

The Fresh Start Program is a new initiative from the government that is designed to help people who have been impacted by the COVID-19 pandemic. The program provides financial assistance to people who have lost their jobs or had their hours reduced due to the pandemic. The program also provides funding for businesses that have been impacted by the pandemic.

The program has been getting a lot of attention lately, and there are a lot of people who are wondering if it is legitimate. There are a lot of scams out there, and it can be hard to tell which ones are real and which ones are not. In this blog post, we will take a look at the Fresh Start Program and see if it is legit.

What is the Fresh Start Program?

The Fresh Start Program is a new initiative from the government that is designed to help people who have been impacted by the COVID-19 pandemic. The program provides financial assistance to people who have lost their jobs or had their hours reduced due to the pandemic. The program also provides funding for businesses that have been impacted by the pandemic. 

How Does the Program Work?

The program works by providing financial assistance to people who have been impacted by the COVID-19 pandemic. The program provides funding for businesses that have been impacted by the pandemic. The program also provides training and resources for businesses so they can survive and thrive during these difficult times. 

Is the Program Legit?

Yes, the fresh Start Program is legit. It is a new initiative from the government that is designed to help people who have been impacted by the COVID-19 pandemic. The program provides financial assistance to people who have lost their jobs or had their hours reduced due to the pandemic. The program also provides funding for businesses that have been impacted by the pandemic.  If you or someone you know has been affected by the COVID-19 pandemic, then I encourage you to check out this program. It could be just what you need to get back on your feet financially. 

The Fresh Start Program is a new initiative from the government that is designed to help people who have been impacted by COVID-19. The program provides financial assistance to those who have lost their jobs or hours due to COVID-19, as well as funding business continuity during these difficult times. If you or someone you know has been affected by COVID-19, I encourage you to check out this program as it could be just what you need financially.