Guide to IRS Penalties
There are many different types of penalties that the IRS can impose on individual and business taxpayers. Here are some of the more common IRS penalties.
Failure to File and Failure to Pay Penalty
Legal authority for the IRS to assess penalties for failure to file and/or pay are provided by:
- IRC 6651 – provides for additions to tax for failure to file returns required to be filed to report tax, and for failure to pay tax required to be reported on those returns
- IRC 6698 provides for a penalty for failure to file a complete partnership return as required under IRC 6031.
- IRC 6699 provides for a penalty for failure to file a S-corporation return as required by IRC 6037.
- The penalty for failure to make required payments under IRC 7519(f)(4)(A).