Do you know that there are over 140 separate IRS penalty provisions?
 
Penalties can be mathematical/mechanical or willful, they can be civil or criminal.

Most common penalty’s types:

• Failure to file a tax return (up to 25% of the net amount due).
• Failure to pay tax (up to 25% of the net amount due).
• Fraudulent failure to file a tax return (up to 75% of the net amount due).
• Underpayment of estimated tax (federal interest quarterly rate is applied for the number of days late).
• Bad check written to IRS (2% of the bad check amount).
• Failure to report tips (50% of Social Security and Medicare taxes and negligence penalty of 20% of income tax plus interest).
• Accuracy related penalties (20% or 40% depending on the nature and amount of understatement).

The IRS also charges underpayment interest on top of the amount of unpaid taxes and penalties.

Underpayment interest is accrued daily.

The combined amount of interest and penalties due can become really huge, sometimes even higher that the initial tax amount due.
 
Volena Tax Consulting can help you to deal with IRS penalties and accrued interest.

Our team of committed professionals will work with you directly to understand your specific circumstances and reasons for not paying taxes in time.

Then we will communicate with IRS on your behalf and do our best to find the most beneficial solution for our clients.
 
In 90% cases we can help you with either removal or abatement of your tax associated penalties.