IRS Tries To Help Non-Compliant Taxpayers



The United States Internal Revenue Service (IRS) has recently given some advice for taxpayers who missed the tax filing deadline on April 15, including details on penalties for filing or paying late, and information concerning the Fresh Start program to make it easier for taxpayers to pay back taxes and avoid tax liens.

If a taxpayer has missed the filing deadline, the IRS advises that he or she should still file as soon as possible. If federal income tax is owed, filing and paying as soon as possible would minimize any penalty and interest charges. There is no penalty for filing a late return if a tax refund is due.

E-file is the best option for late filing. IRS e-file programs are available until October 15. If a taxpayer e-files and is due a refund, the IRS will normally issue it within 21 days.

By law, the IRS may assess penalties to taxpayers for both failing to file a tax return and for failing to pay taxes they owe by the deadline. A failure-to-file penalty may apply if a taxpayer did not file by the tax filing deadline, while a failure-to-pay penalty may apply if all of the taxes owed are not paid the tax filing deadline.

Read the whole story at Tax-News