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Here are some of the penalties you may face if the IRS audit gives you any trouble:
- 20% Penalty: Usually associated with under or overvaluation of property, disregard of IRS polices & regulations, a substantial understatement of your tax liability, or general negligence.
- 75% Penalty: As you can tell by the large increase in percentage, this is a much more serious issue and can create some serious IRS troubles. Often related to tax underpayments due to fraud, if the IRS believes any portion whatsoever of your payment is fraudulent, you will have to come up with the records that show otherwise. If you cannot do this, then the entire underpayment is hailed as fraudulent, stacking on the hefty 75% penalty.
- Interest Due: Interest accumulates from the due date of your return; this includes extensions, until the date where your penalty is paid. This is for violations that include: negligence, failure to file on time, over or undervaluation of property, and fraud. Penalties that do not include that list will not have any interest charged whatsoever, as long as you pay off the imposed penalty within 21 days and the penalties are under $100,000.
- Prison: The most serious of IRS troubles is the possibility of going to prison, the big bird house. This happens for the most serious cases of tax crimes such as tax evasion. If you get convicted, expect to also accrue much larger fines and be ready to give up all assets and property along with your possible incarceration.
Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!
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