Failure To File Tax Penalty!
- Mr. Ashley Thomas, EA
- Apr 11, 2022
- 1 min read
1. If you owe taxes then you must file your tax filing by April 18, 2022 to avoid the failure to file tax penalty! Filing an extension will protect you from the failure to file tax penalty & associated interest from accruing until October 15, 2022. This is an extension to file, but not to pay taxes due.
2. If you owe, the failure to file tax penalty is at 5% per month for the 1st day of each month up to 5 months with a maximal penalty of 25% plus associated interest. This is a front loaded penalty!
3. In addition, there is a failure to pay tax penalty at 0.5% per month or 6% per year plus associated interest that accrues on the taxes due until the tax debt is paid or resolved. If you have a tax levy this penalty will increase to 1% per month… again with associated interest.
4. Federal & state tax filing extensions are only $50, giving you until October 15, 2022 to file & avoid the failure to file tax penalty & interest.
5. Tax debt investigations & tax debt resolutions are available at Solid Tax Services! “Make your appointment today!”
Ph: (773) 619-9572
Sincerely,
Ashley Thomas, EA, CEO
Comments