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CPA · Tax · Advisory
Most people are pretty good about filing their taxes and paying back anything that they own, but in most cases, people will get a refund. If someone does have to pay additional for their taxes, they have two options. One option is to try to do everything themselves and file on their own, the other option is to hire a professional CPA in order to help an individual with their tax preparation. Hernando Beach residents should be aware that there can be repercussions for someone who chooses not to file their taxes, not pay them back, or if they avoid the IRS if they try to contact someone.
If you are required to file and miss the deadline, a failure-to-file penalty may apply. The amount depends on unpaid tax, the type of return, and how late it is filed. A minimum penalty may apply when a return is more than 60 days late. Check current IRS guidance for the applicable tax year and any exceptions.
Another possibility that can happen to someone is that they file their tax returns with the IRS, but they do not actually pay back the taxes that they still owe. If this is the case then the IRS will charge someone a failure-to-pay penalty. After tax preparation, Hernando Beach residents would generally be charging a half a percent of their unpaid taxes each month they do not pay, and it can also go as high as twenty-five percent. It is important for people to know that interest does accumulate on unpaid taxes, so it is important to pay them off as quickly as possible if they were left unpaid after filing.
*Disclaimer: The views expressed here are those of the authors and do not necessarily represent or reflect the views of Suncoast CPA Group*
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