{"id":2923,"date":"2016-05-25T09:29:07","date_gmt":"2016-05-25T14:29:07","guid":{"rendered":"http:\/\/hoorfarlaw.com\/blog\/?p=2923"},"modified":"2016-05-25T09:29:07","modified_gmt":"2016-05-25T14:29:07","slug":"common-personal-income-tax-return-penalties","status":"publish","type":"post","link":"https:\/\/hoorfarlaw.com\/blog\/?p=2923","title":{"rendered":"Common Personal Income Tax Return Penalties"},"content":{"rendered":"<p><a href=\"http:\/\/hoorfarlaw.com\/blog\/wp-content\/uploads\/2016\/05\/income-tax.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-thumbnail wp-image-2924\" src=\"http:\/\/hoorfarlaw.com\/blog\/wp-content\/uploads\/2016\/05\/income-tax-150x150.jpg\" alt=\"income tax\" width=\"150\" height=\"150\" \/><\/a><\/p>\n<p>The first penalty is not really a penalty, but it occurs so often that I thought I would mention it.\u00a0 Any unpaid amounts to the IRS accrue interest from the due date of the return until the date of payment.\u00a0 The interest rate is determined quarterly and is the federal short term rate plus 3%.<\/p>\n<p>The failure to pay penalty is assessed on any amount of tax that remains unpaid from the due date of the return until the date of payment.\u00a0 Similar to interest, this is assessed when the taxpayer does not pay their full tax bill on time.\u00a0 The penalty is .5% for every month that the tax goes unpaid, up to a maximum of 25%.<\/p>\n<p>The failure to file penalty is assessed on any taxpayer who does not file a timely tax return or a timely extension request and owes money to the IRS.\u00a0 The penalty is 5% for every month the tax return is late, up to a maximum of five months.\u00a0 The minimum penalty for returns 60 days late or more is $135 or 100% of the tax, whichever is less.<\/p>\n<p>If you are having tax issues,\u00a0contact our office by phone at 816-524-4949 or visit our website www.Hoorfarlaw.com.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The first penalty is not really a penalty, but it occurs so often that I thought I would mention it.\u00a0 Any unpaid amounts to the IRS accrue interest from the due date of the return until the date of payment.\u00a0 &hellip; <a href=\"https:\/\/hoorfarlaw.com\/blog\/?p=2923\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[267,296,776,880,68,777,348,693,732,17,879,718],"class_list":["post-2923","post","type-post","status-publish","format-standard","hentry","category-general","tag-attorney","tag-camron-hoorfar","tag-down-town-lees-summit","tag-failure-to-pay-penalty","tag-failure-to-file-penalty","tag-interest","tag-law-office-of-camron-hoorfar","tag-lawyer","tag-loch","tag-tax-return","tag-tax-return-penalties","tag-we-can-help"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/2923","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2923"}],"version-history":[{"count":1,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/2923\/revisions"}],"predecessor-version":[{"id":2925,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/2923\/revisions\/2925"}],"wp:attachment":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2923"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2923"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2923"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}