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There are generally two ways that the IRS can assess a penalty to you – failure to file, or failure to pay; and it’s not out of the question that you could be subjected to both types of penalties. There are many other penalties, such as accuracy-related penalties, that may also apply. Listed below are some facts from the IRS about penalties.

Facts on Penalties If you do not file by the deadline, you might face a failure-to-file penalty. If you do not pay by the due date, you could face a failure-to-pay penalty. The failure-to-file penalty is generally more than the failure-to-pay penalty. So if you cannot pay all the taxes you owe, you should still file your tax return on time and explore other payment options in the meantime. The IRS will work with you. The penalty for filing late is usually 5% of

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